Ten trends in global and Philippine energy
* BusinessWorld February 6, 2023. ----------- Some developments on the energy front in early 2023, both global and national. 1. Oil and gas prices are now lower than during pre-war Ukraine. Comparing prices last week with Feb. 23, 2022 or a day before Russia invaded Ukraine, Dubai crude is $11/barrel cheaper and WTI crude is $17 cheaper. It’s the same trend for EU gas and US natural gas prices. 2. Coal prices have significantly cooled down. From a peak of $458/ton in 2022, it was down to only $245 last week. Since about 58% of total power generation in the Philippines is from coal, this is good news. 3. E-vehicle prices are rising and charging them is more expensive than using gasoline. The price of lithium, the main material in producing batteries, is higher than the pre-invasion period, twice the peak price in 2021 and six times the peak price in 2019. Electricity prices in Europe last week were about twice the peak prices in 2019. Peak prices in 2022 were 6-20 times higher than p