From Nexans to NKT: Europe doubles down on power grids - Feb 4, 2026

As of February 4, today’s news sees developments in the cable and energy sectors, particularly involving players like Nexans and NKT. Nexans has announced a landmark framework contract with Enedis, the French electricity distribution network operator, valued at 600 million euros. This contract will span seven years, with optional three-year extensions and deliveries set to commence in the first quarter of 2026. In parallel, NKT has secured a long-term Power Purchase Agreement with Uniper for a duration of ten years. This contract involves the supply of renewable electricity from Uniper's new photovoltaic facility in Wilhelmshaven, Germany. The green energy sourced through this agreement will support NKT’s manufacturing sites located in Cologne and nearby Nordenham, aligning with the company’s strategic efforts towards decarbonization across its operational activities. Meanwhile, Norway's Socialist Party has withdrawn its support for a proposal to block Equinor's Hammerfest liquefied natural gas plant from receiving a planned onshore power connection, clearing the way for the grid development to proceed. Turning to broader market updates, the European Union is making strides in stockpiling critical materials, with Italy, France, and Germany at the forefront to reduce dependency on China, four sources with knowledge of the matter said. This initiative aims to cushion Europe's economy against supply chain disruptions stemming from China's export controls on various industrial metals and minerals since 2023. Notably, such strategic reserves are seen as crucial for safeguarding defense production and supporting energy transition goals. On the international front, a notable energy crunch in the U.S. driven by a flurry of demand for gas turbines is causing a global supply shortage, potentially accelerating the transition to cleaner energy alternatives. The rush for gas-fired power capacity has resulted in delivery timelines pushing into the 2030s, amidst falling costs for utility-scale solar projects combined with battery storage. Additionally, U.S. congressional discussions are underway to reauthorize significant funding for the US Export-Import Bank, aimed at supporting initiatives related to critical minerals, further cementing the United States' efforts to bolster its domestic manufacturing capabilities against increasing international competition. From a global perspective, the U.S. and Iran are set to engage in nuclear discussions in Oman following Iran's request to limit the scope of negotiations. The emphasis will primarily be on Iran’s nuclear program, with indications that Tehran remains firm on its ballistic missile capabilities, which it deems non-negotiable. In other international news, tensions between the EU and China have escalated as China responds to an investigation into the Chinese wind turbine manufacturer Goldwind, claiming unfair treatment and possible protectionist motivations from the EU.