Among energy-importing countries, Japan ranks first for LNG imports, second for coal and third for oil. Japan accounted for 37% of global LNG demand in 2012 and LNG is a key fuel for Japan’s power utilities, which consume nearly two thirds of the imported gas. The share of gas in the power generation mix rose from around 27% before the 2011 Fukushima nuclear accident to close to 48% in 2012.
Last winter, Japanese demand helped send Asian LNG prices close to record highs of $20/MMBtu. LNG prices in northern Asia have already hit $18/MMBtu.
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