Audit Gap at Tajikistan’s Rogun Dam Raises Governance Concerns as Energy Benchmarks Diverge

An independent audit of Tajikistan’s flagship Rogun Dam hydropower project has uncovered a $540 million discrepancy in its financial statements and concluded that current electricity-generation activities are loss-making, raising concerns over governance and long-term viability. The project, which aims to become the world’s tallest dam and a central pillar of Tajikistan’s power export strategy, now faces heightened scrutiny from investors and lenders over cost transparency and execution risk. While the development is primarily domestic, questions around Rogun’s financial sustainability add another layer of uncertainty to regional energy infrastructure and, by extension, to broader expectations for future power supply that can influence sentiment in global energy markets, including Oil – Brent Crude, Oil – US Crude, and Natural Gas.

Over the past month, price moves in major energy benchmarks have been relatively muted for crude but severe for gas, reflecting shifting expectations around supply-demand balances. Oil – US Crude is nearly flat over one month, edging down about 0.25%, with its short‑term configuration aligning with a cautious Hold signal, indicating indecision as traders weigh macroeconomic data against OPEC+ policy and geopolitical risks. Oil – Brent Crude has inched up roughly 0.58% across the same period and likewise shows a near‑term Hold indication, consistent with a market lacking a strong directional catalyst. In contrast, Natural Gas has dropped about 20.6% over the last month, reflecting ample supply and softer demand signals, and its daily technical posture points to a bearish Sell bias, suggesting momentum remains to the downside in the near term. Investors can explore more updates, prices, and analysis across global markets at Commodities.