Authored by Tsvetana Paraskova via OilPrice,
Japan's average power prices jumped by over 25% at the start of this week from the previous week amid soaring LNG and higher coal prices.
The nationwide power price rose by over 25% week-to-week to $0.19 (31.15 Japanese yen) per kilowatt-hour (kWh) on Monday, Bloomberg reported, citing data from Japan Electric Power Exchange.
Japan, one of the world's biggest LNG importers, this summer reduced gas-fired generation in favor of coal as the price of liquefied natural gas remained elevated.
Japan has been burning more coal and less gas for power generation since the war in the Middle East started, and it is not the only one. All Asian countries have made the switch from gas to coal on affordability and availability grounds.
Moreover, surging oil prices have led to a significant increase in Japan's import bill for oil an
