# LNG cold and cryogenic recovery: What to track

Watch terminal send-out, cold capture and liquid air's debut

Source page: https://www.materialinsights.org/energy/e_lng_cold/tracking/

Watch terminal send-out, cold capture and liquid air's debut What this tab covers The attributes worth tracking regularly, with the latest value, the direction of travel and why each matters.

Track terminal send-out, the share of cold actually used, and LAES costs.

| Category | Attribute | Latest | Trend | Why it matters |
|---|---|---|---|---|
| Operational | **Capacity factor and operating hours** | Dahej 22.5 Mtpa nameplate from 31 March 2026 (was 17.5); cold follows send-out^[6](https://tankterminals.com/?p=490107) | ↕ volatile | Cold supply rises and falls with LNG imports. |
| Operational | **Thermal efficiency or COP over time (cold capture share)** | Japan about 25% (2016 report); Senboku 1 reported 100%^[3](https://www.rivieramm.com/news-content-hub/news-content-hub/cold-energy-extracts-value-from-the-lng-supply-chain-31221) | → stable | Shows how much available cold is put to work. |
| Counterparty | **Host counterparty credit and utilisation rate** | Terminal operators are mostly strong state-linked credits^[6](https://tankterminals.com/?p=490107) | → stable | Utilisation, not default, is the main risk. |
| Impact | **t CO2e avoided per dollar invested** | No project-level figure sourced; India grid average 0.727 t CO2/MWh (FY2023-24) sets the value of electricity saved^[11](https://cea.nic.in/wp-content/uploads/2021/03/User_Guide_Version_20.0.pdf) | ↗ improving | Higher on coal-heavy grids. |
| Operational | **Heat exchanger fouling and cleaning frequency** | Low on the LNG side; seawater side of open-rack vaporisers subject to marine fouling (not quantified in the sources)^[1](https://ideas.repec.org/a/eee/energy/v170y2019icp557-568.html) | → stable | Ice formation and marine fouling set maintenance. |
| Policy | **Local carbon pricing and penalties** | EU ETS EUR 82-88/t in October 2026 (82.40 on 5 Oct, 88.3 on 12 Oct); India's CCTS covers seven industrial sectors (about 490 entities) from FY2025-26, not LNG terminals^[9](https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/100526-european-carbon-prices-drop-to-7-week-low-as-market-eyes-upcoming-policy-agenda)^[12](https://gmk.center/en/news/european-carbon-prices-rose-to-e88-t-in-october/)^[13](https://icapcarbonaction.com/en/news/compliance-obligations-under-indias-carbon-credit-trading-scheme-enter-force-seven-sectors) | ↕ volatile | Carbon cost feeds into power prices, which set the value of electricity saved by using cold. |
| Technology-specific | **LAES round-trip efficiency** | Standalone about 50-60%; hybrid about 50-90% (2025 review)^[4](https://ideas.repec.org/a/eee/rensus/v208y2025ics1364032124007123.html) | ↗ improving | LNG integration is the main route to higher efficiency. |
| Technology-specific | **LAES first commercial plant** | Carrington 50 MW/300 MWh, due to commission in 2026 (first scheduled early 2026); no confirmation of commercial operation found by November 2026. Liquid air absent from Ofgem's June 2026 cap-and-floor shortlist^[5](https://www.thechemicalengineer.com/news/energy-stored-as-liquefied-air-300m-investment-triggers-construction-of-uk-s-first-commercial-scale-plant/)^[8](https://www.ukri.org/who-we-are/how-we-are-doing/research-outcomes-and-impact/energy-storage-innovation-powers-highview-scale-up/)^[10](https://www.ofgem.gov.uk/press-release/ofgem-boosts-long-duration-storage-secure-more-homegrown-energy-customers) | ↕ volatile | First real cost and performance data. |

#### Sources

1. [LNG cold energy utilization: Prospects and challenges (He, Chong, Zheng, Ju, Linga), Energy 170: 557-568](https://ideas.repec.org/a/eee/energy/v170y2019icp557-568.html) Elsevier (via RePEc IDEAS), 2019
2. [Cold energy extracts value from the LNG supply chain (trade report, 2016)](https://www.rivieramm.com/news-content-hub/news-content-hub/cold-energy-extracts-value-from-the-lng-supply-chain-31221) Riviera Maritime Media, 2016
3. [Liquid air energy storage: A critical review (She et al.), Renewable and Sustainable Energy Reviews 208](https://ideas.repec.org/a/eee/rensus/v208y2025ics1364032124007123.html) Elsevier (via RePEc IDEAS), 2025
4. [Energy stored as liquefied air: GBP 300m investment triggers construction of UK's first commercial-scale plant](https://www.thechemicalengineer.com/news/energy-stored-as-liquefied-air-300m-investment-triggers-construction-of-uk-s-first-commercial-scale-plant/) The Chemical Engineer (IChemE), 2024
5. [Petronet LNG Limited Dahej Terminal Capacity Expands to 22.5 MMTPA](https://tankterminals.com/?p=490107) Tank Terminals (relaying Petronet LNG announcement), 2026
6. [Energy storage innovation powers Highview scale-up](https://www.ukri.org/who-we-are/how-we-are-doing/research-outcomes-and-impact/energy-storage-innovation-powers-highview-scale-up/) UK Research and Innovation, 2025
7. [European carbon prices drop to 7-week low as market eyes upcoming policy agenda](https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/100526-european-carbon-prices-drop-to-7-week-low-as-market-eyes-upcoming-policy-agenda) S&P Global Commodity Insights, 2026
8. [Ofgem boosts long duration storage to secure more homegrown energy for customers](https://www.ofgem.gov.uk/press-release/ofgem-boosts-long-duration-storage-secure-more-homegrown-energy-customers) Ofgem, 2026
9. [CO2 Baseline Database for the Indian Power Sector, User Guide Version 20.0](https://cea.nic.in/wp-content/uploads/2021/03/User_Guide_Version_20.0.pdf) Central Electricity Authority, 2024
10. [European carbon prices rose to EUR 88/t in October](https://gmk.center/en/news/european-carbon-prices-rose-to-e88-t-in-october/) GMK Center (ICE data), 2026
11. [Compliance obligations under India's Carbon Credit Trading Scheme enter force for seven sectors](https://icapcarbonaction.com/en/news/compliance-obligations-under-indias-carbon-credit-trading-scheme-enter-force-seven-sectors) ICAP, 2026

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_lng_cold/index.md)
- [Overview](https://www.materialinsights.org/energy/e_lng_cold/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_lng_cold/correlation/index.md)
- [Science and thermodynamics](https://www.materialinsights.org/energy/e_lng_cold/rc-sci/index.md)
- [Engineering and integration](https://www.materialinsights.org/energy/e_lng_cold/rc-eng/index.md)
- [Economics and contracts](https://www.materialinsights.org/energy/e_lng_cold/rc-econ/index.md)
- [Impact and additionality](https://www.materialinsights.org/energy/e_lng_cold/rc-impact/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_lng_cold/links/index.md)