Prysmian urges EU cable support as ABB hits record high - 22 April 2026

As of April 22, today's news sees updates from Prysmian regarding its advocacy for public procurement policies, and developments in the energy sector amidst heightened geopolitical tensions. Prysmian's Transmission Executive Vice President, Raul Gil, addressed the annual WindEurope event in Madrid, advocating for preferential criteria in public procurement to support the cable industry. Gil emphasized that the industry has invested over four billion euros in recent years and called for European policy to reflect this commitment. He articulated concerns about the exclusion of electric networks and cables from the European Industrial Accelerator Act, arguing this undermines the energy transition and competitiveness, particularly as they face challenges not encountered by foreign competitors. Gil underscored the importance of creating fair conditions for the cable industry, which has maintained its global leadership for over three decades. He posited that current inequities could jeopardize the sector’s future, drawing parallels with previous instances where Europe lost market dominance, such as in optical cables. In competitor news, the European Commission has approved Motherson Global Investments' acquisition of Nexans' Autoelectric division, indicating confidence in limited coalition market impacts. Additionally, Nexans will supply cables for a 305 MW solar project in Morocco, supporting the nation’s ambitious renewable energy goals. Furthermore, ABB shares jump nearly 6% to all-time high after the Swiss engineering company posted a significant rise in first quarter sales and order intake. ABB reported orders in the first quarter of 11.3 billion dollars, up organically 24% year-on-year and 16% ahead of consensus. The company said it expects 2026 sales to increase by a high single-digit to low double-digit percentage, up slightly from its previous view for comparable annual revenue growth of 6-9%. From a broader market perspective, the European Commission announced plans aimed at mitigating energy market disruptors stemming from the Iran conflict by proposing tax cuts on electricity and coordination efforts for gas storage. These measures deliberately avoid aggressive market interventions used in previous crises, suggesting a strategic shift in energy policy. The international landscape further complicates with reports of Iran seizing ships in the Strait of Hormuz, raising concerns over security and energy supply chains as geopolitical tensions escalate, coinciding with shifting narratives surrounding energy independence in Italy, where discussions on nuclear power resurgence are gaining traction.