Aluminium smelters typically sign long term power agreements at a fixed price anyway. They typically cannot take advantage of increasing production in times of

Aluminium smelters typically sign long term power agreements at a fixed price anyway. They typically cannot take advantage of increasing production in times of cheap power because of their agreements. Besides, an ability to increase production implies idle production capacity, which, as you state, is a poor use of capital allocation. Lots of people see a few solar panels and tesla announcing sleek batteries, and think a new age is upon us. Not yet.