Authored by Michael Kern via OilPrice.com,
Japan's JERA is creating a wholly-owned subsidiary to develop and manage its LNG, upstream, low-carbon fuels, and shipping businesses, the biggest Japanese LNG importer and largest power producer said on Wednesday.
The new company, JERA Global Energy Solutions (JERA GES), will be the Japanese utility giant's response to increasingly volatile and complex energy markets. JERA GES will be a vertically integrated LNG company which can quickly respond to the market needs while maintaining security of supply for Japan as its highest priority, the company said.
JERA GES, which will be headquartered in Singapore, will focus on "developing a stable and diversified long-term LNG portfolio that balances supply sources with market opportunities, while advancing lower-carbon fuels such as ammonia and hydrogen," JERA said, adding that they will maintain close coordination with JERA's power generation and domestic energy market functions as Japan's biggest utility will look to enhance the country's energy security.
GES will gradually take over JERA's existing long-term LNG and lower-carbon fuel business activities according to a planned transfer schedule to keep continuity for existing business relationships.
Amid the current volatility and disarray in global LNG markets, JERA last month signed a contract for the supply of liquefied natural gas with Malaysia's state major Petronas for a period of 20 years, starting in 2028.
Japan is one of the most energy import-dependent countries in the world, with a lot of its oil and gas previously coming from the Middle East. The war-related disruption in export flows has prompted Japan to rush to secure alternative supplies.
The Petronas deal is for 2 million tons of liquefied gas annually, adding to earlier supply deals agreed by JERA. The company, which is the largest buyer of liquefied natural gas in the world, last year presented plans to triple its purchases from the United States alone to as much as 5.5 million tons annually. That would have been a 10% increase on its current imports from the U.S., making up a third of its total LNG purchases.
Tyler Durden Thu, 07/02/2026 - 17:40Summary:
GridStatus' website shows the PJM Interconnection under severe peak-demand stress as heat-driven cooling loads surge across the Mid-Atlantic and eastern U.S.
PJM load is near 158 GW, net load is around 142 GW, and real-time power prices are sharply rising to about $929/MWh.
The fuel-mix chart shows the grid is heavily reliant on natural gas and coal, which together account for about 64.2% of all power, with nuclear at 20.6%. In total, gas, coal, and nuclear account for about 84.8% of the power being generated, while solar and wind remain in the high single digits.
Peak power prices across PJM are expected at around 6 p.m. local time.
The grid is operating near record load and relying heavily on gas-fired generation to prevent rolling blackouts.
Do not let climate-crisis socialists pretend otherwise: policies that reduce dispatchable fossil-fuel power leave grids extremely fragile and prone to failure when demand spikes.
Meanwhile, President Trump and the Energy Department are moving to keep fossil-fuel power generation online to preserve grid stability.
Why Democrats pushed for a power grid increasingly dependent on unreliable wind and solar, while stripping away the stable baseload capacity needed during peak demand, is no longer just an energy-policy question; it is a national security question.
"Set Your AC To 78F": NYC Socialist Pleads With Residents As Fragile Grid Faces Blackout Risk"Set your AC to 78 degrees, turn off lights/electronics you're not using, and unplug what you can," New York City Socialist Mayor Zohran Mamdani wrote on X late Wednesday.
New Yorkers are now getting a real-world lesson in what Mamdani's recent "warmth of collectivism" comments actually mean: shared sacrifice, including being told to dial back air conditioning during blistering heat as the risk of power blackouts rises.
New York: it's hot out there, and the power grid is working overtime to keep us cool.
Set your AC to 78 degrees, turn off lights/electronics you're not using, and unplug what you can.
Our City is doing its part too: maintaining the 78 degrees rule in our buildings,…
The deeper issue here is that years of left-wing climate policies and poor grid management have left the metro area and the broader region increasingly vulnerable during peak-demand hours.
Temperatures are forecast to top 100F across NYC and large parts of the Mid-Atlantic and East Coast beginning today. The extreme weather is set to sharply drive up cooling demand, just as power grids are already under pressure from failed climate-change policies colliding with the era of data centers.
On Tuesday, the Energy Department issued emergency orders allowing PJM Interconnection power plants to bypass certain environmental limits to keep electricity flowing. Backup generators have been placed on standby on the grid serving 67 million people across 13 states.
New York City power prices climbed above $1,100 per megawatt-hour by late Wednesday afternoon. PJM expects to break its all-time peak load record of 165.5 gigawatts later today.
Tyler Durden Thu, 07/02/2026 - 17:34