Prysmian flies to Piazza Affari after having signed a maxi contract for three orders with an aggregate value of 5 billion euros with Amprion, one of the main European transmission system operators (TSOs). By mid-morning the cable company makes the best performance of the Ftse Mib (+0,97%), gaining almost 6% to 43,45 euros per share.
According to analysts, there is also an impact on the stock Nexans guidance (+5% to 91,10 euros in Paris), a French player active in the production of cables and accessories for the electricity networks and railway infrastructure markets, which sees an Ebitda of around 10% higher than consensus with a mid-point at 700 million euros.
Prysmian's maxi contract in Germany
The company has completed contracts for three orders with an aggregate value of approximately 5 billion euros with Amprion. The contracts cover two offshore grid connection systems, BalWin1 and BalWin2, and the DC34 terrestrial cable project. The orders, now included in Prysmian's order backlog, follow the selection of Prysmian as "preferred bidder" in August 2023. This is - explains Prysmian in a note - the greater “package of contracts” both in terms of value and in terms of kilometers of cables ever assigned to Prysmian.
In fact, the agreement includes approximately 4.400 km of high voltage cables in direct current (HVDC) of 525 kV, of which approximately 3.400 km are terrestrial cables and 1.000 km are submarine cables. Dedicated metallic return cables (DMR) are also included.
“A milestone for Prysmian”
“The three contracts with Amprion represent a milestone for Prysmian, as they once again underline the trustful cooperation between the two companies. We are pleased to actively contribute as a reliable partner to the energy transition” commented Hakan Ozmen, EVP of Prysmian's Transmission division.
“The necessary cable resources have been secured for three important energy transition projects. Contracts such as those signed with Prysmian are essential to achieving our offshore expansion objectives. For us they represent a significant step towards the success of the projects." said Hendrik Neumann, CTO of Amprion.
These three projects fall within Germany's overall plan to install 70 GW of offshore wind by 2045 and will allow the energy generated in the North Sea to be transmitted to consumers in the western and southern regions of the country.
