The Chief Executive of French energy giant TotalEnergies, Patrick Pouyanne, explained in a recent interview that the LNG market will continue to experience volatility until new supply is available. However, he stated that current prices are reasonable compared to 2022. Pouyanne also mentioned that Europe is well-prepared for the winter heating season with record gas storage levels. TotalEnergies is a significant player in the LNG market, managing over 50% of global LNG supply. They have recently signed a major 27-year LNG supply deal with QatarEnergy.
India is taking emergency steps to prevent electricity outages by seeking additional volumes of natural gas and expediting power plant maintenance. The move comes after the country experienced a record power demand in August due to dry weather and a decline in hydro and wind energy output. The government has asked utilities to maximize the use of gas-based power plants and expedite the commissioning of new renewable and thermal power plants. This could lead to increased demand for natural gas and higher LNG imports.
