Company directors at Spain’s largest cement factory on the outskirts of Madrid are considering shutting down production as electricity prices surge across Europe.
Grinding cement accounts for more than half the electricity costs of Cementos Portland, which is based in Morata de Tajuña.
"For us right now it's a huge problem,” says Luis Herrers, Cementos Portland's operations director.
“Because the cost of electricity has shot up 300 per cent, and above all, we have crossed a red line, which is that our production cost has exceeded our selling price, so we are in a critical situation right now."
It’s the sixth consecutive day that the price of electricity has been above €200 per megawatt/hour a level that was exceeded for the first time on October 5.
At the end of August, it was €100 and in barely a month and a half, it has more than doubled in price.
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