The crunch is so severe that it’s forcing factories to curb output or shut down altogether. Aluminium Dunkerque Industries France has curbed production in the past two weeks due to high power prices, while Trafigura’s Nyrstar will pause production at its zinc smelter in France in the first week of January. Romanian fertilizer producer Azomures temporarily halted output.

Electricite de France SA said last week it would halt four reactors accounting for 10 per cent of the nation’s nuclear capacity, straining power grids already facing cold weather. At the beginning of January, 30 per cent of France’s nuclear capacity will be offline, increasing the reliance on gas, coal and even oil.