Energy Ministry closely monitoring electricity costs
The Energy Ministry will continue monitoring factors that could affect the price of electricity despite a decline in the global price of liquefied natural gas (LNG).
Energy Minister Supattanapong Punmeechaow said on Friday that the price of LNG had dropped from US$40 per million British thermal unit (BTU) to $17 per million BTU.
However, the price of LNG could increase due to the Russia-Ukraine war and rising demand during the winter.
The ministry has asked state-owned PTT to speed up its purchases of LNG to ensure Thailand buys it while the prices are low, Supattanapong said.
He said PTT Exploration and Production (PTTEP) had been told to increase natural gas production in the Gulf of Thailand as soon as possible.
PTTEP took over operation of the Erawan gas field in the Gulf of Thailand from Chevron last April. Natural gas production in the field has reached 50% of the production rate Chevron was at, the minister said.
"Natural gas production is expected to increase to 75% of Chevron's production capacity this year," he said, adding that the production is expected to return to normal at the beginning of next year.
Supattanapong said higher domestic production would help Thailand reduce reliance on imported LNG.