Europe Multi-Industry: Key takeaways from Europacable fireside chat

Research evidence excerpt

Europe Multi-Industry: Key takeaways from Europacable fireside chat

Equity Research

7 July 2026 | 10:28PM BST

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

We hosted a fireside chat for investors with Europacable’s Senior Director of

Public Affairs. Below are our key takeaways:

n Europacable see a continuing need for grid development in Europe,

estimating €1.2tr of investment by 2040 (€730bn in distribution). They

highlighted that over the last few years the structural challenges facing Europe’s

power infrastructure have continued to mount due to geopolitical issues as well

as the more recent emergence of datacenter demand. Europacable continue to

think Europe’s electricity penetration remains low at ~23% of total energy

consumption, while the grid infrastructure is ageing, with >40% of the network

over 40 years old, and cross-border interconnections remain insufficient, with

several countries lagging the 15% interconnection target.

n Cable manufacturers appear to have already built enough capacity to

support planned demand and are ready to invest more if demand conditions

strengthen further, according to Europacable. They noted that European cable

players have already invested over >€4bn to more than double capacity by 2030.

They think the existing capacity is broadly sufficient to meet forecast demand in

the European TSOs’ TYNDP (Ten-year Network Development Plan) over the next

decade.

n Europacable shared their views on production and compared it with TYNDP

demand visibility. They noted that production capacity for land HV/EHV cables

(AC+DC) stands at about ~6,000 km in Europe vs ~2,300 km in annual demand

addressed by the TYNDP. While for subsea HV/EHV (AC+DC) cables, production