Prysmian Group Frontrunner in the race to net-zero

Italy houses the third-largest eurozone economy, which the European Commission (EC) has forecasted will grow by 3.8% in terms of real GDP after exceeding preCovid-19 levels in Q2 2022.

Alongside the decision to lift pandemic-related restrictions, the EC praised Italy’s robust policy measures to mitigate the effect of Russia’s war with Ukraine, which resulted in a solid growth performance across spending as part of Next Generation EU and the National Recovery and Resilience Programme, seeking to enable a more adaptable, greener economy for the future.

Since 1990, Italy's total CO2 emissions have decreased by 29.58%, and today's government has placed energy and the climate at the centre of its political agenda. In 2017, the Ministry of Economic Development and the Ministry of Environment announced an ambitious National Energy Strategy (NES), setting a target for renewables to reach 30% of total energy consumption and 55% of electric generation by 2030. However, simply investing in the production of renewable energies does not necessarily mean a proportional boost in their consumption- a network capable of supporting it must accompany it.

Prysmian Group is a public company and world leader in the energy and telecom cable systems industry, with 29,000 employees in more than 50 countries and total sales numbering €12B . The rapid post-Covid recovery, together with the impact of strong drivers like electrification, energy transition and digitalisation, allowed the company to mark the best quarter on record for the group, with net profit surging by 69% to €431M, organic growth by 15%, and its project order pipeline racing to a record €6.85B.

According to Prysmian Group's CEO Valerio Battista, the group's future prosperity now lies in enabling the global transition to renewable energies and addressing the underlying problem of network overcapacity.