Low natgas prices pave way for achieving environmental goals
BAKU, Azerbaijan, May 18
By Leman Zeynalova – Trend:
The low level of natural gas prices, that is seen nowadays, is an opportunity for the natural gas consuming countries to materialize their environmental goals by increasing the share of natural gas in their energy mix, Trend reports citing Gas Exporting Countries Forum (GECF).
In this regard, natural gas producers will remain committed to finding adequate terms that accommodate current market conditions to ensure a resilient supply of natural gas to consumers in the COVID-19 pandemic era, as well as Post-Corona economic recovery period, according to the organization.
Access to a reliable source of energy is essential for Post-Corona economic recovery, according to GECF.
“While access to the reliable source of energy and electricity is crucial for the societies in the pandemic period, a significant portion of electricity is generated from natural gas-fueled power plants. The share of natural gas in power generation mix accounted for 23 percent currently, and this number could significantly increase in upcoming years due to the credentials of natural gas for power generation,” GECF said in its report.
“Different credentials of natural gas testify the advantages of power generation from this brilliant source of energy and the vital role of natural gas in the pandemic era. Natural gas-fueled power plants are more sustainable than other types, such as intermittent renewables and hydroelectricity. Furthermore, the investment required for the installation of gas turbines is lower than other power plants, which highlights its affordability during the pandemic period. Among other things, gas turbines add more flexibility to the electricity grid, as the demand for energy highly fluctuates during the pandemic. And eventually, the delivery of natural gas to the connected households and power plants is operational with limited staff numbers during the lockdown compared to liquid fuels, which needs road transportation.”
The affordability of a reliable source of energy for electricity generation is becoming more highlighted in the pandemic period, according to GECF.
“Notably, the affordability of the energy source is critical in the potential epicenters for diseases, with the majority of the population without access to reliable electricity and other energy sources. The spread of the virus in these parts of the world with poor access to electricity, which is required for the healthcare system, could be more catastrophic. Natural gas could be a solution for quick electricity generation for those people who live in impoverished areas. “
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