Metals Giants Warn Power Crisis Could Derail Europe's Green Push [Financial Post (Toronto, Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Financial Post
Eurometaux, whose members include Glencore Plc, Rio Tinto Group and Norsk Hydro ASA, sent a letter to the European Commission as surging power prices prompt companies to curb production. It urged further support for the sector, including ensuring emission-allowance prices don't rise too high and more flexible state aid guidelines. 17 best online deals in the Canadian retail space right now Advertisement Advertisement Article content Zinc producer Nyrstar NV said Thursday that it's curtailing output at a major Dutch plant during peak times of day, highlighting how the spike in power prices is jeopardizing metal supply. For regional aluminum producers, electricity costs could equate to as much as 2,000 euros ($2,345) a ton, about 80% of the commodity's overall price, Eurometaux said. “If electricity remains too expensive, it will disincentivize industrial electrification as a decarbonization route, undermining the EU's Green Deal objectives,” Eurometaux Director-General Guy
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