50-Fold Jump In Power Rates Hits UK Metal, Mining Sector

Soaring power prices amid Europe’s gas crunch will have a lasting impact on the bottom lines of mining and metal companies as prices in their long-term electricity supply contracts will increase, an executive at a Swedish metals producer told Bloomberg on Friday. “Contracts will have to be renewed sooner or later.

However they are written, you will eventually get hurt because of the situation in the market,” Mats Gustavsson, vice president for energy at Sweden’s metals producer Boliden, told Bloomberg in an interview. “If…