Daehan Electric Wire & Cable Wins 92.5 Billion KRW Project in London, UK

Key executives from Korea Electric Wire and Cable Corporation and the UK's state-owned power company National Grid are signing the LPT2 project contract through an online video signing ceremony.

[Photo by Korea Electric Wire and Cable Corporation]

[Asia Economy Reporter Ki-min Lee] Daehan Electric Wire announced on the 24th that it has signed a power grid supply contract for the 'London Power Tunnel Phase 2 (LPT2)' project with National Grid, the UK's state-owned electricity company.

This contract is a large-scale project worth 60 million pounds (approximately 92.5 billion KRW), making it the largest power grid project awarded to a domestic cable company in the UK. It is also the largest project Daehan Electric Wire has secured since entering the European market.

National Grid has been promoting the LPT2 project for several years to stabilize power supply throughout London. The project involves constructing a large-scale underground tunnel approximately 32.5 km long, crossing the city from Wimbledon in southwest London to Crayford in southeast London, and installing a 400 kV power grid. The length of cables used exceeds 200 km. Daehan Electric Wire will supply all related materials including 400 kV cables and accessories, and will be responsible for the design and engineering of the cable system inside and outside the tunnel.

Previously, Daehan Electric Wire established its UK branch in April 2017 and deployed specialized personnel. Last year, it expanded and reorganized its European headquarters by merging the existing Russian branch and also established a corporation in the Netherlands to expand its sales network. Over three years since entering Europe, Daehan Electric Wire has expanded its order territory by exporting ultra-high voltage power grids to Sweden, the Netherlands, Denmark, and the UK.

Na Hyung-gyun, CEO of Daehan Electric Wire, said, "We are pleased to play a significant role in London's large-scale and long-term infrastructure improvement project," and emphasized, "Securing an important project after a rigorous verification process in the UK, a leader in the energy industry, proves our competitiveness and position in the entire European market."

He added, "Europe has a high demand for replacing aging cables and opportunities for new power grid supply due to policies expanding renewable energy, so continuous order expansion is expected in the future."