LNG becomes important critical fuel produce power heat

LNG becomes important critical fuel to produce power and heat

1:37 PM, 9th April 2011
LNG becomes important critical fuel to produce power and heat
Shannon Shuflat, Analyst, SBI Energy.

 

NEW YORK, US: Liquefied natural gas has assumed an increasingly significant role in the energy security of several nations around the world and the value of internationally traded liquefied natural gas that can be efficiently stored and transported by ships is expected to grow by an average of 17 per cent per year from $ 73 billion in 2009 to over $ 180 billion in 2015 supported by strong volume growth and higher prices, according to Liquefied Natural Gas Market Worldwide by industrial market research firm SBI Energy.

 

Natural gas currently accounts for 20 per cent of the world’s marketed energy, which makes it a critical fuel in the generation of electric power and heat. It is the second most frequently utilized fuel for the generation of electricity in the United States and third in the world.

 

Over the past year, global recessionary conditions have moderated demand for energy as consumer demand for goods and services and related manufacturing has slowed. However, as most nations make a much anticipated recovery over the next 12 to 18 months, energy consumption will continue to rise rapidly driven significantly by demand from economically developing nations. SBI Energy predicts global energy consumption will increase by 19 per cent from 462 quadrillion British thermal units (Btu) in 2005 to over 551 quadrillion Btu in 2015.

 

“As an efficient and economical means of transporting natural gas, the need for the liquefied variety is driven by natural gas demand in various parts of the world that do not have adequate domestic or pipeline supplies of this fuel,” said Shannon Shuflat, Analyst, SBI Energy.   

 

Population growth and economic growth are key factors driving increased demand for energy over the next five years.

(C) WOC News

 

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