Energy market turmoil in the world’s biggest consumer is underscoring the chaos a bitterly cold winter is causing across North Asia, as liquefied natural gas and Japan power prices, along with South Korean electricity demand, all hit records. Temperatures in Beijing fell to -19.6 degrees Celsius earlier this week, the lowest since 1966, according to the Chinese Meteorological Administration.
A cold blast across China that’s brought temperatures in Beijing to the lowest since 1966 is wreaking havoc on energy markets, creating record power demand and sending coal and gas prices soaring.
Nine northern provincial power grids, including in Beijing, reached record-high loads this week as heating demand surges, according to state-owned CCTV News. Coal prices have risen more than 4% this week, while wholesale gas prices jumped to the highest in three years as import terminals are being hamstrung by strong winds and icy conditions.
