LS Cable & System Wins Subsea Cable Replacement Project Worth Approximately 66 Billion KRW in the US

LS Cable is laying submarine cables at an offshore wind farm in Rhode Island, USA, in 2017.

[Photo by LS Cable]

[Asia Economy Reporter Ki-min Lee] LS Cable & System has secured a submarine cable replacement project worth 66 billion KRW in the United States.

LS Cable & System announced on the 12th that it recently won the contract for the replacement of submarine cables in Lake Michigan in the north-central United States. This project involves sequentially replacing the aging submarine cables installed in Lake Michigan in the 1970s by 2021 to stabilize power supply.

LS Cable & System explained that since entering the U.S. ultra-high voltage cable market in 2006, it has steadily built trust in the market by carrying out the first offshore wind farm connection project in the U.S. in 2017.

The United States has many aging power grids, so replacement demand is expected to steadily increase in the future. Additionally, offshore wind farm development is underway, driving growth in the submarine cable market.

Industry insiders expect the U.S. to increase offshore wind power generation capacity to 86 GW annually by 2050. This amount of power can supply electricity to 80 million households.

Myeong Noh-hyun, CEO of LS Cable & System, said, “The U.S. submarine cable market is expected to continue growing due to replacement demand for aging cables and new demand from offshore wind development. LS Cable & System will focus its marketing efforts on pioneering new markets such as the U.S., Europe, and Africa, moving beyond its traditional focus on Asia.”

This content was produced with the assistance of AI translation services.