Wake Up to Money Compo's coming
Mar 31, 2026
Will Walker-Arna, Director of Private Clients at Raymond James, gives market and macro investment commentary. Tom Uppington, Managing Director at Alvance, explains UK aluminium production and energy constraints. Kim Sides, Executive Director of Construction at BAM UK & Ireland, covers construction supply-chain pressures and sustainability. They discuss rising aluminium prices, energy limits on smelters, long-term power deals, and construction’s response to the energy transition.
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UK Aluminium Output Is Capped By Energy Costs
- UK primary aluminium production is energy-constrained despite higher metal prices.
- Tom Uppington says Alvance runs at 70% because its hydro covers that output and grid power at ~£103/MWh makes extra production uneconomic.
Price Spike Doesn't Offset High Energy Input Costs
- Global aluminium prices jumped after Middle East attacks but producers still face high energy input costs.
- Tom notes LME swings $2,800–$3,500/t while buying grid power would add about $1,800/t in energy cost.
Recycled Aluminium Gains Traction But Has Limits
- Recycled aluminium demand is rising because it uses far less energy than primary metal.
- Tom says recycled aluminium uses about 5% of the energy of primary production, but can't replace primary for all applications.