Operations & Energy

Energy, permits and grid exposure by site

Iran-war spillovers, BAAJA permitting and state utility shifts translated into site-level cost and timing.

Brent
$88.40
~$9 war premium
US diesel (Gulf)
$4.12/gal
▲ 18% y/y
Permits exposed to shutdown
3
Dec 11 deadline
BAAJA pass probability
25%
▼ from 40%

Plant energy-cost & permitting tracker

SitePowerGas $/MMBtuDieselPermitsGrid
Corpus Christi smelter (TX)$71/MWh$3.40$4.122 pendingQueue #148elevated
Savannah hub (GA)$88/MWh—$4.050OKwatch
Toledo rolling mill (OH)$79/MWh$3.10$4.201 pendingOKwatch
Recycling Ph.2 (TX)———DOE grantDeposit due Nov 12upside

Relevant signals

All signals →
11-05
Congress signals appropriations leverage to force Iran de-escalation
bothmediumEnergy & Iran
11-05
BAAJA permitting bill: Senate vote Nov 9, odds cut from 40% to 25%
opportunityimmediatePermitting
11-04
Federal funding runs out December 11 — shutdown risk in lame duck
riskimmediateFiscal
11-04
Democrats win Georgia PSC; first Democrat on Texas Railroad Commission since 1990
bothmediumState regulation
11-04
33 of 34 anti-data-center ballot initiatives succeed
bothstrategicState regulation

Business exposure

Corpus Christi smelter
Site · Texas · Power price, ERCOT, Permits
€22m
elevated
Savannah distribution hub
Site · Georgia · PSC rate case
€3m
watch
Recycling expansion (Phase 2)
Project · Texas · BAAJA, Interconnection, DOE grant
€9m
upside
Gulf Coast energy & diesel
Market · Gulf Coast · Iran war, Hormuz
€11m
elevated

Decisions linked to this area

Decision log →
Extend US energy & diesel hedge cover to 70% for H1 2027
Pending
CFO · due 15 Nov 2026 · €11m volatility
Go / hold on Recycling Phase 2 interconnection deposit
Pending
COO · due 12 Nov 2026 · €9m EBITDA timing
Shutdown contingency: accelerate customs & permit filings
In review
COO · due 01 Dec 2026 · €6m

Actions in progress

Prepare go/hold memo after Nov 9 voteNot started
Projects — M. Chen · due 10 Nov 2026
File early for 3 federal permitsIn progress
Site HSE — D. Ruiz · due 30 Nov 2026