Investing.com — European wind turbine makers and cable manufacturers are positioned to benefit as the Iran war drives a renewed push for energy independence across the continent, according to a Jefferies in a recent note.
, , and are among the manufacturers flagged as buy-rated beneficiaries, alongside utilities EDP Renováveis, , and .
The International Energy Agency described the conflict as causing the largest oil supply disruption in the history of the global oil market, with IEA members agreeing to a record 400 million barrel emergency stock release.
European benchmark gas prices averaged €45/MWh in the first week of the conflict, roughly 50% above pre-war levels, costing European citizens an additional €3 billion in fossil fuel imports, European Commission President Ursula von der Leyen said.
The “answer is not new dependencies, but faster electrification, renewables and efficiency,” European Commission Executive Vice-President Teresa Ribera said, calling the clean transition Europe’s “shield against volatility.”
The conflict has exposed a sharp divide between energy systems. Gas set Spain’s wholesale electricity price in only 15% of hours so far in 2026, against 89% in Italy, 42% in the Netherlands and 40% in Germany, per Montel, Ember and ENTSO-E data. Spain’s H1 2025 wholesale electricity price averaged €62/MWh, roughly 32% below the EU average.
Markets have so far favoured hydrocarbons. gained 36% since the Feb. 27 market close, 28% and 24%, while fell 10%, fell 6% and Vestas fell 2%, according to FactSet data cited by Jefferies.
Jefferies carries a “buy” rating on Nordex with a €50 target price against a €45.94 close, forecasting at least €950 million in 2027 EBITDA and an EV/EBITDA of 8.8x.
Vestas, rated “buy” at a DKK 200 target against DKK 157.60, is seen delivering double-digit earnings growth at 9x EV/EBIT on 2027 estimates. NKT, rated “buy” at DKK 1,008 against DKK 810, is forecast to deliver over 30% EPS compound annual growth, trading at 11x EV/EBITDA on 2027 estimates.
The conflict echoes the post-Ukraine energy shock. Annual EU solar installations grew fourfold from 17.2 GW in 2019 to 65 GW in 2025, with cumulative capacity reaching 406 GW by end-2025, surpassing REPowerEU’s 400 GW interim target, per SolarPower Europe.
Wind capacity stood at 246 GW against a 425 GW target. Renewables rose from roughly 30% of EU power in 2019 to nearly 50% in 2025, while Russian gas dependence fell from 45% to 13%.
UN climate chief Simon Stiell called the war an “abject lesson” in fossil fuel dangers, labelling calls to slow the energy transition “completely delusional.”