India Turns to Expensive Foreign LNG to Ease a Power Crisis
- LNG purchased at triple average price for this time of year
- Heat wave is boosting demand for spot LNG across South Asia
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Sweltering heat and ongoing blackouts are forcing India’s liquefied natural gas importers to top up with expensive shipments.
Torrent Power Ltd. and GAIL India Ltd. bought LNG for May delivery in the last week, with the fuel set to be used to help power plants boost generation, according to traders with knowledge of the matter. The utilities paid about triple the normal spot rate for this time of year, as Russia’s invasion of Ukraine exacerbates a global supply crunch.