This undated file photo provided by LS Cable & Systems Ltd. shows undersea cables being installed at an offshore wind-power generating facility in the United States. (Image courtesy of Yonhap)
SEOUL, Jul. 2 (Korea Bizwire) — LS Cable & System Ltd., South Korea’s biggest cable company, said Tuesday it has received a 100 billion-won (US$72 million) order to supply submarine cables to an electricity grid operator in the United States.
In the deal with LS Power Grid California, LS Cable will provide undersea cables for power transmission from the northwestern part of the country, including the state of Oregon, to California via the Sacramento River, the company said in a statement.
California plans to invest $6.1 billion by 2035 to establish 26 new power transmission networks and secure more than 85 gigawatts of renewable energy, it said.
The U.S. undersea cable market is expected to grow further as more than half of the country’s decades-old power grid networks require replacement.
Globally, demand for power grid replacement is on the rise as companies are investing more in artificial intelligence, semiconductors and renewable energy.
For all of 2023, LS Cable’s net profit rose 3.5 percent to 105.41 billion won from 101.8 billion won a year earlier.
(Yonhap)
