Prysmian Chair urges energy links as AI demand soars - Oct 16, 2025

As of October 16, today’s news sees Prysmian Chairman remarks on Europe’s energy interconnection strategy and broader geopolitical developments affecting global industrial markets. At the “Green & Net Zero Talk – Interconnected Energy” event, Prysmian Chairman Francesco Gori said the 4 billion dollars Encore Wire acquisition strengthens the group’s U.S. electrification business, unaffected by renewable energy shifts in the U.S.. He stressed the growing importance of energy interconnections to stabilize power systems, citing Spain’s recent blackout as an example. Gori noted that Europe’s energy future depends on cross-border links like the UK–France connection and highlighted the Mediterranean’s untapped potential to become a key energy hub alongside the North Sea. Meanwhile, critical mineral companies are boosting lobbying efforts in Washington, hoping to share in the ambitious investments that U.S. President Donald Trump has pledged to firms deemed essential to national security, a Reuters review of public records and interviews with executives and officials showed. Turning to market updates, Swiss engineering company ABB said it is seeing strong customer demand, particularly from a surge in new data centres being built in the U.S. to process artificial intelligence. ABB, which makes factory robots, as well as motors and drives for factory production lines, also said on Thursday it was seeing little impact on customers from U.S. import tariffs as it reported its third quarter results. Furthermore, copper prices experienced a downturn as tensions between the U.S. and China regarding trade and a government shutdown hampered sentiment. Chinese state-owned Codelco raised its premium for copper sales to European clients to a record 345 dollars per metric ton for 2026, reflecting concerns over potential supply shortages. Meanwhile, U.S. miner Freeport-McMoRan has declared force majeure at its Grasberg mine following a mudslide, contributing to supply apprehensions. Across the energy landscape, American Electric Power secured a 1.6 billion dollars loan guarantee aimed at upgrading extensive transmission infrastructure across several states, highlighting the anticipated rise in power demand driven by burgeoning data centers linked to AI advancements. From the global viewpoint, a recent report by McKinsey forecasts that fossil fuels will continue to play a dominant role in the energy mix even beyond 2050, driven by increasing electricity demand from industrial and residential sectors. This projection highlights the ongoing challenge in meeting global net-zero targets, given the anticipated rise in consumption primarily in North America and other OECD countries. In political news, U.S. President Donald Trump engaged in discussions with Russian President Vladimir Putin ahead of a crucial meeting with Ukrainian President Volodymyr Zelenskiy focused on military support amid ongoing tensions in the region.