SEOUL - LS Cable and System Ltd., a leading South Korean cable manufacturer, announced a significant $72 million order to supply submarine cables for a U.S. electricity grid operator.
According to Yonhap News Agency, The contract with LS Power Grid California involves the provision of undersea cables that will facilitate power transmission from Oregon to California via the Sacramento River. This order is part of California's ambitious $6.1 billion plan to develop 26 new power transmission networks by 2035 and bolster over 85 gigawatts of renewable energy capacity. The U.S. submarine cable market is poised for expansion as the nation addresses the aging condition of its power grid, with more than half requiring updates or replacements.
This global increase in demand for power grid enhancement is also driven by rising investments in sectors such as artificial intelligence, semiconductors, and renewable energies. For the fiscal year 2023, LS Cable reported a net profit increase of 3.5 percent, reaching 105.41 billion won.