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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InSiemens Energy has been awarded a major contract worth approximately $4 billion (£3 billion) by National Grid and Iberdrola. The agreement involves the supply of converter stations for the Eastern Green Link 4 (EGL4) subsea power link project in the United Kingdom. This critical infrastructure project is designed to enhance the UK's power grid and facilitate the seamless integration of renewable energy sources. The contract represents a significant boost to Siemens Energy's order backlog and reinforces its market leadership in HVDC technology and grid stabilization. Investors view this development as a positive signal for the company's long-term growth within the global energy transition sector. Consequently, shares of Siemens Energy (ENR.DE), National Grid (NG.L), and Iberdrola (IBE.MC) are expected to remain in focus following the announcement.