Prysmian rallies as grid deals and energy spending surge - Feb 3, 2026

As of February 3, today’s news features Prysmian’s share price increase following its contract win in Scotland, alongside developments in the global energy and technology sectors. Prysmian gained 2.5% as several analysts reacted positively to its contract for the Eastern Green Link 4 project in Scotland, awarded by SP Energy Networks and National Grid Electricity Transmission. Turning to market updates, Orsted announced its plan to sell its European onshore business to Copenhagen Infrastructure Partners for 1.44 billion euros. This move is part of Orsted's strategy to stabilize its finances amid challenges in the U.S. offshore wind sector. Meanwhile, Siemens Energy is set to invest 1 billion dollars to enhance power grid and gas turbine production in the U.S. as demand surges, particularly from tech firms expanding data centers. In a strategic partnership development, the European Union aims to establish a critical minerals partnership with the U.S. to reduce reliance on Chinese supply chains, while Germany has secured a 25.1% stake in the grid operator TenneT for 3.3 billion euros, reinforcing state control over significant energy infrastructure. Looking at broader macro trends, the rush among U.S. utilities for gas turbines appears to be creating a global shortage, which may accelerate the transition to cleaner electricity sources. Furthermore, China will expand its strategic copper reserves and explore creating a commercial stockpiling system led by state-owned enterprises, a senior official at the China Nonferrous Metals Industry Association said today. In Europe, Amazon reported that the lengthy process of connecting to power grids is complicating its data center expansion plans, highlighting the urgent need for investment in energy infrastructure. On the global stage, the Middle East is bracing for crucial discussions regarding Iran's nuclear program, with emphasis on avoiding escalating tensions following U.S. military movements in the region.