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Home»Finance»Is Thailand’s Power Grid a Gas Guzzler?
Finance

Is Thailand’s Power Grid a Gas Guzzler?

November 15, 2024No Comments4 Mins Read
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Is Thailand’s Power Grid a Gas Guzzler?
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Newly inaugurated power plants near the Gulf of Thailand are conspicuous consumers in the floating market for liquefied natural gas (LNG).

Located near the port of Map Ta Phut, the power stations are designed to tap into tanker-supplied LNG if domestic piped supplies fall short. The chilled fuel is stored in cryogenic tanks at the shipping terminal, reheated, and distributed to the plants through a network of pipelines.

Thailand was Asia’s biggest LNG growth hub between 2021 and 2023. The opening of a dedicated liquefied gas terminal at Map Ta Phut helped the country scale imports to unprecedented levels during the COVID-19 pandemic. An inaugural shipment from Qatar was delivered in 2022. A year later, the purchase of 11.5 million metric tonnes of LNG put Thailand in the “top 10 of super-chilled fuel importers for the first time.”

The LNG splurge proved to be expensive.

The Electricity Generating Authority of Thailand, the state enterprise that manages the grid, is reportedly “shouldering a huge financial burden” after subsidizing electricity prices in the aftermath of Russia’s invasion of Ukraine. An energy outlook report by the U.S.-based Institute for Energy Economics and Financial Analysis indicated that Thailand was adopting a more cautious approach to LNG imports in 2024.

For decades, Thailand’s power grid has relied on domestic gas reserves or pipeline imports from Myanmar for power generation. About 53 percent of the country’s electricity comes from gas-fired plants. Diminishing returns from the gas fields and political instability across the border were among the factors that pushed the government to import LNG from overseas suppliers.

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In May, researchers at the Thailand Development Research Institute warned that U.S. sanctions against Myanmar’s state-owned oil and gas enterprise which came into effect in November 2023, could adversely affect the supply of electricity in border provinces like Ratchaburi.

“In the short term, there is a pressing need to accelerate the development of additional LNG storage capacity to cope with increasing demand and to provide an emergency backup to maintain Thai energy security,” wrote the authors while also cautioning that “continued dependence on imported LNG may increasingly become a liability.”

As a hedge against supply disruptions, state-owned energy company PTT entered into long-term contracts with leading overseas suppliers including Houston-based Cheniere Energy. Starting in 2026, Thailand will purchase 1 million tons of LNG shipped from the company’s liquefaction plant in Corpus Christi, Texas. The CEO of PTT who oversaw the negotiations, called liquefied gas a “major transition fuel” that offered “security and sustainability.”

However, the Biden administration announced a temporary pause on LNG export project approvals in January 2024. Concerns about shortages leading to higher energy prices for U.S. consumers and a debate over emissions prompted the move. Some U.S. scientists have argued that the liquefaction process, which involves supercooling natural gas to minus 260 degrees Fahrenheit for ease of transportation, carries a hidden environmental cost. Sara Hastings-Simon, an environmental scientist at the University of Calgary told E&E News that “the nature of LNG is that it is lower-emitting, but it’s not zero emissions.”

Kurujit Nakornthap, a former permanent secretary of the Thai Ministry of Energy and an industry expert, called the U.S. action “cause for concern.” A Singapore-based industry group, the Asia Natural Gas & Energy Association, warned that the pause could have “a profound and long-term negative impact on our region.”

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The recent U.S. election signaled a return to a looser regulatory environment for the oil and gas industry. LNG companies anticipate the temporary freeze on permits will be lifted by the incoming Trump administration.

Earlier this year, Thailand’s government contemplated easing back on LNG imports. The Gas Plan for 2024 advocated a pivot to low-cost domestic and regional producers. With looming clean energy targets and a goal of achieving carbon neutrality by 2050, renewables have gained traction, specifically purchases of hydropower from neighboring Laos.

However, strong demand and lower prices have preserved the status quo. Thailand’s LNG imports in 2024 are likely to exceed last year’s record levels.

Gas grid Guzzler Power Thailands
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