[Asia Economy Reporter Ki-min Lee] LS Cable & System announced on the 16th that it signed a Memorandum of Understanding (MOU) with the Korea Electrical Safety Corporation for "technical cooperation in offshore wind power projects."
LS Cable & System explained that the two companies plan to cooperate to standardize pre-use inspections of offshore wind farms and secure safety standards for submarine cables.
Kim Hyung-won, Executive Vice President and Head of the Energy Business Division at LS Cable & System, said, "Although the activation of offshore wind power is expected under the Green New Deal policy, there are currently no regulations in Korea regarding the use and safety of submarine cables. It is necessary to promptly establish related regulations to ensure stable power supply."
Ultra-high voltage submarine cables are products that only five companies worldwide, including LS Cable & System, can manufacture. After entering a market dominated by European and Japanese companies in 2008, LS Cable & System has risen to become a major player in just over ten years.
LS Cable & System stated, "The scale of investment in offshore wind power projects is increasing and schedules are being advanced both domestically and internationally as part of financial investments to respond to the climate crisis and overcome the novel coronavirus disease (COVID-19)."
Last month, LS Cable & System also signed an MOU with the Korea National Oil Corporation to cooperate on floating offshore wind power projects, strengthening partnerships with related organizations and accelerating the development of new products such as floating submarine cables.
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