Prysmian enters agreement with Russia's largest power grid company
The Prysmian Group announced that it has entered into a technical cooperation agreement with JSC (Rosseti), described as Russia's largest power grid company, to develop power transmission and distribution technology in Russia.
A press release said that the agreement, signed by Prysmian Group CEO Valerio Battista and Rosseti CEO Oleg Budargin at the Italy-Russia Business Forum being held in Trieste, Italy, will see the two companies working together to analyze and develop solutions for power transmission systems with voltages of up to 500 kV. The systems focus, it said, would include high-voltage cables as well as joints, terminations and grid monitoring equipment as well as developing "post-installation support systems capable of ensuring the continuity of grid operation through prompt intervention and prevention of failures."
Battista said in the release that Prysmian will help Rosseti construct and modernize the electric power infrastructure in Russia. "Together we will study solutions that will let Rosseti optimize its investments, while augmenting its efficiency and reducing environmental impact."
The release said that there has been substantial investment in Russia's electricity grids in recent years, and that it is expected to continue "in the medium term." That need, it said, let to Prysmian's decision to expand in Russia, which it considers a high-growth strategic market. It noted that Prysmian has been involved in building high-voltage grids in St. Petersburg and in upgrading the transmission grid in Moscow as well as supplying cables "of up to 330 kV for the 30 most important Russian power transmission projects of recent years." Further, as part of a $55 million investment in the Russian market to start local production of medium and high voltage cables, Prysmian has recently inaugurated a new factory in Rybinsk in the Yaroslavl region, completing another step in its expansion plans in this country, it said.
"The signing of the technology development agreement with Rosseti, together with the inauguration of this new industrial facility, marks a key stage in the Group's growth plans for the Russian market," the release said. "The development of local production, undoubtedly, gives Prysmian a competitive edge and will help enhance its presence in this strategic high-potential market."