Back in November, David Fernández-Valladares, managing director of Spanish tile maker Realonda, faced a choice between locking in gas prices with a new contract or putting his faith in the whim of energy markets.
He chose the latter and is counting his blessings after plunging market rates helped lower the energy bill it pays to heat its kiln by hundreds of thousands of euros a month. “Thank goodness I didn’t agree to a fixed price,” he said.
The tile maker was one of three energy-intensive businesses that the Financial Times has followed through the European winter to see how they coped with the energy crisis triggered by Russia’s full-scale invasion of Ukraine.
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