Macquarie seem confident11 May 2015 13:38
Today, Asia consumes over 40 per cent of the world’s fossil fuels led by China, India, Japan and South Korea.
Within 10 years, the region’s dependence on energy imports is expected to rise by 53 per cent, according to Macquarie research.
That increase alone exceeds the equivalent of the world’s crude oil production today, or put another way, the power supplied by 436 nuclear power plants.
The dependency is being driven by a growing primary energy demand within Asia which is forecast to increase by 37 per cent by 2025.
Primary energy demand refers to sources that are easily convertible to electricity; predominantly coal, oil and gas.
As a result of increased demand, energy prices are likely to rise throughout Asia over the next 10 years. This is despite current volatility in coal and oil markets, according to Macquarie analyst James Hubbard.