Only five of the 90 natural gas export terminals planned worldwide are needed, a consulting firm says, which means tens of billions of dollars worth of projects are at risk.

Consulting firm IHS Inc. tells Bloomberg.com that only one in 20 of the planned projects are actually necessary by 2025. Slumping Asian economies, Japan’s decision to restart its nuclear power plants, cheap coal and the glut of natural gas from shale formations in North America mean less demand for liquefied natural gas, it said.

The IHS research is the latest to determine that a lot more LNG export terminals have been planned than will be built. LSU Center for Energy Studies Executive Director David Dismukes has said the same for years. In December, Harvard researcher Leonard Maugeri said no more than five or six LNG export plants would be built in the United States through 2020. Thirty-nine have been proposed in the U.S.

Two LNG export projects are under construction in Louisiana, with Cheniere Energy’s Sabine Pass in Cameron Parish expected to begin operating by the end of the year. Ten other Louisiana LNG export terminals are planned. The latest, G2 LNG LLC’s proposed $11 billion facility, was announced on Monday.

The global supply of LNG is expected to be greater than demand in 2016, unless Asia gets hit by an unusually cold winter, Trevor Sikorski, an analyst at Energy Aspects Ltd. in London, told Bloomberg.

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