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Sweltering heat continues to bake Korea


Sweltering heat continues to bake Korea
Posted : 2021-07-22 11:09
gettyimagesbank
Unrelenting heat will continue in most parts of the country Thursday, with temperatures reaching the upper 30s in some of the hottest areas and only slightly dropping during the night, the weather agency said.
Heat warnings remained in effect for most of the country, where the average temperature is expected to be in the range of 28 C-36 C nationwide, with some southwestern inland cities reaching as high as 38 C, according to the Korea Meteorological Administration (KMA).
The scorching warm weather has eased only slightly during the night. And the so-called tropical night phenomenon is forecast to continue for days to come. ....

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Nuclear Crunch and Searing Heat Stoke Blackout Fears in South Korea


Heesu Lee, Bloomberg News
(Bloomberg) South Korea is urging companies, businesses and the public to roll back their electricity consumption as the year’s worst heatwave threatens to outstrip supply.
Surging electricity demand from scorching heat and reduced operations at nuclear reactors are straining the country’s power grid, according to the energy ministry, which is asking for a nationwide effort to conserve energy, starting with government offices.
Korea Power Exchange estimates the reserve margin, the projected buffer between the amount of power that plants have available and expected peak demand, will this afternoon fall below 2018 levels when the country experienced the worst heatwave in 111 years. ....

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Local manufacturers enjoy low gas prices, but not for long


THE current high gas price in the spot market means that Malaysian manufacturers that pay a regulated price set by the Energy Commission (EC) are now enjoying a much lower gas price than their international counterparts.
However, the current high gas price level is not expected to be sustained for long, as the extremely cold weather in the northern hemisphere has started to subside, which means less gas will be needed for heating. Lower demand for heating will translate into higher stockpile among northern countries.
According to S&P Global Platts, the futures price for LNG Japan/Korea Marker (JKM) for March 2021 delivery has been increasing since Nov 19, 2020, when it was trading at US$5.815 per million British thermal unit, to US$19.695 per mmBtu on Jan 11. ....

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Northeast Asian utilities expand search for power generation oil amid LNG supply crunch


Northeast Asian utilities expand search for power generation oil amid LNG supply crunch
Northeast Asian utilities are set to extend their search for more power generation oil amid tight natural gas and LNG supply, as South Korean power companies issue multiple tenders to secure fuel oil, while Japanese electricity providers continue to search for any available direct-burning crude oil in the region.
The low availability of spot LNG export cargoes in Malaysia and Indonesia, coupled with Panama Canal restrictions and ice conditions in North Asian ports have contributed to the LNG supply crunch in Northeast Asia in recent weeks.
As a result, the tighter LNG stocks prompted Northeast Asian electricity providers to secure, by whatever means necessary, other sources of power generation and industrial feedstocks to keep up with robust winter energy demand. ....

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