Electricity prices in the Nordic region are trading at an all-time high, forcing manufacturers to halt production lines, Bloomberg wrote.

“Industries shutting down production certainly comes with a cost, but with power spot prices where they are, that particular cost is lower than the cost of producing,” Stefan Fastesson, principal partner at Commodity Advisors, told the newswire. “Even industries that have hedged are closing down and selling back into the market.”

Paper-pulp producer Rottneros halted a factory last month for almost three weeks.

“Electricity prices have been terribly high, so we have taken short-term decisions to shut the line,” Rottneros' chief executive officer Ole Terland told Bloomberg. “It’s not possible currently to sign long- term electricity-supply contracts at levels that would make running the CTMP line profitable.”

Also Europe’s biggest tissue maker Svenska Cellulosa shut a production unit for two days, citing rising costs.

Day-ahead power averaged 81.67 euros ($105.57) a megawatt- hour last month on Nord Pool Spot. That’s the highest level since Sweden, Norway, Denmark and Finland started the joint market more than 10 years ago.

"Water reservoirs, used for more than half of the region's power supply, are at a 30-year low. Also the nuclear power plants are not producing at full capacity", Jonnie Wistrand, Editor-in-chief of techsite Teknik360, told the Swedish Wire. "Add to this an outdoor temperature far below normal levels and the result is the surprisingly high prices levels we see today".

The Nordic nations now turn to energy imports from Germany to meet demand.