Taihan Cable wins 190 bln-won power grid deal in U.S.

Taihan Cable and Solution Co., South Korea's second-biggest cable company, said Thursday it has received 190 billion won (US$137 million) worth of power grid orders in the United States. With the latest orders, Taihan Cable has obtained more than 520 billion won worth of power grid contracts in the U.S. so far this year, far exceeding the annual U.S. orders of 300 billion won in 2023, the company said in a statement. The company will supply extra high voltage (EHV) cables for an underground cable replacement project in the eastern part of the U.S., it said. Taihan Cable did not provide the name of the contractor in the EHV deal and further details. This year, Taihan Cable expects to win record high deals in the world's biggest economy 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, Taihan Cab le's net profit more than tripled to 71.87 billion won from 21.83 billion won a year earlier, helped by overseas deals. It has an order backlog of 1.94 trillion won as of the end of the first quarter. Source: Yonhap News Agency