State regulation · 04 Nov 2026 · State ballot results
33 of 34 anti-data-center ballot initiatives succeed
Power-allocation politics and local opposition to large-load growth are spreading — relevant for all industrial electricity users.
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1 · What happened — evidence
- ▸Ballot results in 11 states
- ▸Utilities revisiting large-load queues
2 · Why it matters to us
Data-center buyers are 9% of our US copper and aluminium busbar demand; also competition for grid capacity.
Key question · Does it change our demand outlook?
3 · Financial / operational impact
Demand risk ~€4m EBIT; possible grid-capacity relief for industrial users.
Route to
Sales DirectorCOOSales & MarketsOperations & Energy
4 · Affected exposures
5 · Scenario effects
No material scenario shift.
6 · Decisions & actions
No decision required — monitoring only.