Emerging economies in Asia face prolonged electricity crises and continued rolling blackouts as spot LNG prices surge and high demand from Europe is pricing Southeast Asia out of the tight global gas market. For over six months now, Europe has been the key driver of global LNG demand as it looks to replace as much Russian pipeline gas supply as soon as possible. Since the energy crisis of last autumn, Europe has displaced Asia as the growth driver of LNG demand and is no longer “the market of last resort” for LNG cargoes.…
