Silicon and zinc output cuts in Europe due to the power crisis are likely to slow the region's energy transition plans, with producers also weighing relocation of facilities for both the metals used in renewable energy, metal industry sources said.
European power prices have rocketed this year mainly due to the rising price of natural gas used for power generation and heating, low renewable energy output and higher carbon prices.German baseload power for delivery next year recently reached a contract record of 177.24 euros per megawatt hour , while oil prices climbed to three-year highs around $85 a barrel as consumers switched fuels.
Silicon prices in Europe have doubled over the past year to above $4,000 a tonne, the highest on record due to surging demand from the solar sector where the semiconductor material is used to make solar cells.Zinc, meanwhile, is used in offshore wind masts to prevent corrosion, while solar panels use support structures made from steel galvanised with zinc.
"Glencore is monitoring the situation across its European zinc smelters and adjusting production to reduce exposure to peak price periods during the day," Glencore said, adding it was evaluating options to deal more broadly with the power crisis.
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