Alcoa has stopped aluminum production in Brazil in order to divert
power from thermal plants used in smelting to the spot electricity market. It
is guessed in the FT that it costs Alcoa $18/megawatt hour to produce power
which can now be sold for up to $377/megawatt hour in spot market. 70% of Brazil’s electric power is hydro. Reservoir levels in the state of Sao Paulo
are expected to fall below the outflow mains next month. On the positive side,
there’s the World Cup.
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