As one of the strongest and fastest growing economies in the world, India’s energy demand has been rising. With a population of 1.4 billion, making energy secure, affordable and sustainable is key in supporting its astronomical growth.
In a bid to diversify its energy mix, the Indian government aims to increase the share of natural gas from 6% to 15% by 2030. Beginning Dec. 7, ICE will be providing financially-settled futures against the Platts West India Marker (WIM) Liquefied Natural Gas (LNG) price assessment.
LNG is crucial in supporting countries with developing infrastructure. In Asia, the Japan Korea Marker (JKM) LNG has quickly become Asia’s natural gas benchmark as it supports its growing energy demand.
The addition of the WIM LNG (Platts) futures contract adds another significant milestone in the liberalization of natural gas markets east of Suez and will complement ICE’s global natural gas complex, providing critical risk management as demand in India and the Middle East grows.