Europe is in the midst of a multi-year HVDC supercycle to integrate offshore wind, add cross-border resilience, and relieve north-to-south bottlenecks. For investors, HVDC is a picks-and-shovels theme with clearer revenue visibility than many generation assets. This tracker maps flagship projects, current status, and the publicly listed suppliers most exposed to the order flow.
Quick Summary
- Europe’s HVDC interconnector pipeline is large and growing, spanning U.K.–EU links and German onshore corridors.
- Cable leaders: Prysmian (BIT:PRY), Nexans (EPA:NEX), NKT (CPH:NKT). Converter leaders: Siemens Energy (ETR:ENR), Hitachi Energy (TYO:6501 via Hitachi Ltd.), GE Vernova (NYSE:GEV), Mitsubishi Electric (TYO:6503).
- Recent milestones include Viking Link COD and new Eastern Green Link awards (EGL2 signed; EGL3 preferred bidder named).
- Watch NeuConnect (UK–Germany) and Celtic Interconnector (Ireland–France) as near-term value drivers for involved suppliers.
- KPIs: order backlog, manufacturing capacity slots, converter factory throughput, and project delivery risk (permitting, marine installation windows).
Europe HVDC Project Tracker (Selected)
| Project | Capacity | Route | 2025 Status | Cable Supplier(s) | Converter Supplier(s) | Public Companies Involved |
|---|---|---|---|---|---|---|
| Viking Link | 1.4 GW | UK–Denmark | Commercial operations (2024), ramping to 1.4 GW | Prysmian (major subsea lots), NKT (DK onshore lot) | Siemens Energy | PRY, NKT, ENR. |
| NeuConnect | 1.4 GW | UK–Germany | Under construction | (Consortium procurement; 725 km) | New converter stations at Isle of Grain (UK) & Germany | Developers confirm 725 km scope and new stations. |
| Celtic Interconnector | 700 MW | Ireland–France | In delivery phase | Nexans (contracted) | (VSC HVDC) | NEX exposure via cable award. |
| Eastern Green Link 1 (EGL1) | ~2 GW class | Scotland–England (East coast) | Contracts awarded; execution advancing | Prysmian (cables) | (Converter award not listed here) | PRY contract secured. |
| Eastern Green Link 2 (EGL2) | ~2 GW class | Scotland–England | Cable contract signed (2024) | Prysmian (~€1.9bn) | (Converter systems under UK framework) | PRY backlog build. |
| Eastern Green Link 3 (EGL3) | ~2 GW class | Scotland–England | Preferred bidder named (2025) | NKT (preferred for HVDC cable) | (Converter systems under UK framework) | NKT moves to preferred. |
| Germany “Korridor B” (Amprion) | 2×2 GW | Heide–Polsum; Wilhelmshaven–Hamm | Converter package signed (late-2024) | (Undisclosed here) | Hitachi Energy (four converter stations) | 6501 (Hitachi Ltd.). |
Note: Several additional links (e.g., NordLink, North Sea Link, Greenlink, LionLink) sit at varying stages of operation, execution, or development. The UK HVDC Framework pre-qualifies multiple cable and converter vendors, indicating a multi-year award cadence beyond the projects listed here.
Who’s Winning the Orderbook? (Public-Market Angle)
Cable makers (subsea + onshore HVDC)
- Prysmian (BIT:PRY) — Multiple UK east-coast awards (EGL1/EGL2); long manufacturing lead times create multi-year visibility.
- Nexans (EPA:NEX) — Flagship Celtic Interconnector award strengthens exposure to EU interconnectors.
- NKT (CPH:NKT) — Share in Viking Link and preferred on EGL3, underlining UK pipeline traction.
Converter system integrators
- Siemens Energy (ETR:ENR) — Delivered Viking Link converter stations; deep European reference base.
- Hitachi Energy (Hitachi Ltd., TYO:6501) — Major German corridor win (Korridor B converter stations).
- GE Vernova (NYSE:GEV), Mitsubishi Electric (TYO:6503) — Part of the UK HVDC converter framework, positioning for upcoming awards.
Marine installation & EPC (select, for context)
- DEME Group (EBR:DEME), Subsea 7 (OSE:SUBC), TechnipFMC (NYSE:FTI) — Often partner on route survey, cable lay, and protection; contract visibility tends to lag cable awards.
Capacity Tightness & Backlog Dynamics
- Factory slots for 525 kV-class subsea HVDC are tightly booked; award timing often reflects manufacturing window availability more than developer scheduling.
- The UK’s framework approach effectively pre-reserves supplier capacity across cables and converters, smoothing future letting of packages and supporting backlog visibility for qualified vendors.
- For investors, watch: book-to-bill, order intake from East Coast UK links, and conversion of “preferred bidder” designations to signed EPC contracts (especially EGL3).
Risks & What Could Derail Timelines
- Permitting and onshore route consents delaying converter site works.
- Vessel and installation windows constrained by weather and North Sea congestion.
- Commodity and subcomponent constraints (copper/aluminium, XLPE insulation inputs, valves).
- Interface risk across multi-party packages (cable, converter, civil works).
- Policy and grid-code changes impacting design scope and schedule.
2025–2030 Outlook: What to Watch Next
- Further Eastern Green Link packages (EGL4, etc.) and UK offshore “hybrid” links that double as wind exports + interconnectors.
- German DC corridors (SuedLink, SuedOstLink, Korridor B/C) driving large converter and land-cable volumes.
- Ireland–UK/EU resiliency links post-Celtic; additional Nordic–Continent reinforcements.
- Factory expansions and 525 kV qualification milestones at European plants, which unlock incremental award capacity.
- Consortium strategies pairing cable makers with installation specialists to de-risk delivery.
Company Cheat-Sheet (Selected, 2025)
| Segment | Company | Ticker | Region | Typical Role in HVDC |
|---|---|---|---|---|
| Cables | Prysmian | BIT:PRY | Italy | 525 kV subsea/land HVDC cable supply & installation |
| Cables | Nexans | EPA:NEX | France | Subsea HVDC cables, accessories; EU interconnectors |
| Cables | NKT | CPH:NKT | Denmark | Subsea/land HVDC; UK east-coast links |
| Converters | Siemens Energy | ETR:ENR | Germany | VSC converters, stations, systems integration |
| Converters | Hitachi Energy (Hitachi Ltd.) | TYO:6501 | Japan/CH | VSC converters; German corridors |
| Converters | GE Vernova | NYSE:GEV | U.S. | Converter systems; UK framework |
| Converters | Mitsubishi Electric | TYO:6503 | Japan | Converter systems; UK framework |
| EPC/Install | DEME Group | EBR:DEME | Belgium | Cable lay, trenching, protection |
| EPC/Install | Subsea 7 | OSE:SUBC | Norway | Cable lay and subsea works |
| EPC/Install | TechnipFMC | NYSE:FTI | UK/U.S. | Marine installation & EPC interfaces |
FAQ
Which listed companies are most levered to Europe’s HVDC orderbook?
Prysmian, Nexans, and NKT on cables; Siemens Energy, Hitachi Energy (via Hitachi Ltd.), GE Vernova, and Mitsubishi Electric on converter stations.
What’s the difference between “preferred bidder” and a signed EPC contract?
Preferred bidder status signals intent and capacity reservation; revenue recognition typically begins only after the definitive contract is signed and notice-to-proceed is issued.
Why is the UK so prominent in near-term awards?
The UK has formalized an HVDC supply-chain framework to accelerate east-coast transmission build-out for offshore wind integration, translating into a steady cadence of cable and converter awards.
How do investors track delivery risk?
Monitor converter-site civil milestones, marine vessel campaign windows, and any updates on permitting or route changes. For suppliers, follow order intake vs. manufacturing slot availability.
What could extend the supercycle beyond 2030?
Hybrid offshore hubs, meshed grids in the North Sea, and additional continental corridors in Germany/Benelux could stack incremental HVDC demand on top of current commitments.
How do cable makers differ from converter suppliers in earnings quality?
Cables are capital-intensive with long builds but offer multi-year backlog visibility; converters add system engineering complexity and potential mix-led margins. Diversification across both can smooth cycles.