A web of red-tape governing nuclear reactors born from the Fukushima nuclear disaster 11 years ago means that the resumption of operations can’t speed up, no matter the political pressure.
The U.S. president said he expects allies in the IEA to agree to release an additional 30 million to 50 million barrels from their own reserves.
In the last month, at least four companies halted power retail operations, as a surge in wholesale electricity prices makes it challenging to procure stable supply and turn a profit.
Not since the late 1970s have governments around the world been under so much pressure to ask their citizens to cut energy consumption for the greater good.
An electricity shortage warning for Tokyo was lifted Wednesday, with solar supplies expected to be more abundant and cold weather subsiding, according to the trade ministry.
The world’s third-largest economy has been running on a thinner supply of electricity since the triple meltdown at Fukushima in March 2011 shut its massive fleet of nuclear reactors.
Jean-Marc Gilson compared the situation facing the chemical industry to other industries Japan once dominated, such as semiconductors and flat-screen televisions.
Much of ammonia is still produced by burning natural gas or liquefied petroleum gas, but there’s anticipation that it could be made from cleaner energy in the future.
South Korea has taken steps to ensure a steady supply of the key fuel while tracking prices, and Japan may soon hand aid to local refiners.
The country has also received 10% fewer LNG deliveries in the one-month period through Monday compared to last year.
