A subsidised kilowatt can attract a plant. It cannot train a millwright, clear a container, or convince a Japanese quality team that a Tuesday shutdown is rare. Energy is the invitation. Operations are the reason to stay.
Cheap energy is a strategy until it is a crutch
Industrial investors will come for power prices. They will stay only if the rest of the operating environment is boringly reliable.
The writer
Editor-in-chief covering capital markets, industrial policy and family enterprise.
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