EU launches antitrust charges against 12 power cable companies

October 27, 2024

On the evening of July 6, Beijing time, the European Commission said on Wednesday that regulators had already initiated charges against 12 companies in the power cable industry, claiming that they were suspected of price manipulation.

The European Commission did not disclose the specific names of the 12 companies, but the French cable manufacturer Nexans (NEXS.PA), the Italian manufacturer Prysmian (PRU.MI) and the Danish manufacturer NKT Holding. (NKT.CO) all said earlier on Wednesday that these companies have received from the European Commission a record of the so-called "statement of objections." The European Commission is the EU's antitrust regulatory agency.

The European Commission said in a statement today: “The concern of the European Commission is that (cable) producers may have conspired with the markets and customers for the distribution of underground and submarine power cable projects, and there are price manipulations in the European Economic Area.”

Prior to this allegation, the European Commission conducted a surprise search of the power cable company in February 2009.

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