sp defying gravity, page-3

Tibbs
Are you sure that force majeure extinguishes the obligation to supply and does not just suspend supply for the period that the force majeure is claimed.
If it merely suspends the obligation then the total length of the contract will remain eg a contract whose term is for 60 months will still run for 60 months but the end date will be pushed further out to account for the time suspended while in force majeure.
If this is the case then ERA will still have to complete all their contracts at the "old" contract prices, but it will take them further into the future to do it. They will therefore be missing higher spot prices further into the future + missing out on any income during the force majeure.