TOKYO, August 24. /TASS/. The price of the most expensive Asian futures contracts for delivery of liquified natural gas in January 2024 has skyrocketed to $66.675 per 1 mln BTU (British thermal units), or almost $2,400 per 1,000 cubic meters, according to data provided by CME Group on the JKM Platts Index (Japan Korea Marker, reflects the cost of LNG supplies to Japan, South Korea, China and the island of Taiwan).

LNG prices in Asia keep rising following prices in Europe after Gazprom announced the suspension of supplies via Nord Stream from August 31 to September 2, as well as amid fierce market competition among developed countries, including Japan and South Korea that are boosting reserves before the winter.

Rising prices for LNG and other energy commodities push tariffs in importing countries up. In Japan the average electricity bill will see a 24-percent hike in September from the beginning of the year. In particular, Chubu Electric Power consumers will see a hike in their average household bill, with the cost rising in September by 1,805 yen to 9,111 yen, or by 24.7%. The consumers of Tokyo Electric Power (TEPCO) will pay 9,126 yen in September, or 19.6% higher than in January.

Japan, one of the world’s largest economies, has huge foreign currency reserves, which enable it to compete on the LNG spot market. It also has long-term contracts on the supply of liquified gas, including from Russia, which partially protects it from the current price hikes.