The energy industry’s new focus on LNG, hydrogen and renewable technology is already enabling a change in power paid Mitsubishi Heavy Industries
Governments are decarbonizing their energy grids at both the national and local levels to reduce environmental impact. Global demand for liquid natural gas is escalating, and LNG now provides the highest amount of fuel to power sources in the U.S. Low-cost renewable energy and cleaner fuel are disrupting not only the traditional business models of the energy industry, but the functioning of power grids themselves.
Meanwhile, new drilling technologies and advances in combined-cycle gas turbine technology mean that in the past decade, natural gas has become cheaper. Turbines that generate LNG are also more affordable, and fuel efficiency continues to improve. This progress in LNG has enabled power grids to decarbonize at an ever-faster rate, as natural gas continues to replace coal-fired and oil-fired power generation.
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