LS Cable & System Enters European Submarine Cable Market

LS Cable & System announced on the 5th of February the supply of 150kV level submarine cables, 150kV&275kV extra high-voltage underground cable and connection materials to a scale of 16 million Euros (approx. KRW 23 billion) to Dong Energy, a Danish state enterprise and the largest wind power generation company in Europe.

LS Cable & System’s submarine cables will be used in an offshore wind power generation complex to be built in Westermost Rough on the Southeastern Coast of the U.K. by Dong Energy and the extra high-voltage underground cables will be used to transmit electric energy generated in the wind power generation complex and sent to the land area to an inland transmission site.

With the order, LS Cable & System is making an official entry into Europe, the world’s most advanced offshore wind power generation market. The scale of European offshore wind power generation market is forecast to more than double from $13.5 billion in 2012 (approx. KRW 14.8 trillion) to $30 billion in 2020 (KRW 32.8 trillion). Accordingly, the submarine cable market is expected to grow exponentially and, thus LS Cable & System is forecasting a sales increase in the European submarine cable market following its recent performance in the U.S. and the Middle East.

Europe is a home to the advanced cable makers including Prysmian and Nexans. Obtaining an order for submarine cables from Europe, according to the company insider, means that LS Cable & System’s product competitiveness has reached a global standard. Having supplied extra high-voltage cables to France last year, LS Cable & System signed a contract for submarine cable supply this year. As such, LS Cable & System has solidified its position as a global cable maker.

 “It holds great significance in that we can now enter the European submarine cable market following the U.S. and the Middle East,” said LS Cable & System President Ja-Eun Koo. “We will focus all our strengths to new submarine cable markets in the future.”

[mappress]

Press release, February 05, 2013; Image: lscns