LS Cable & System President & CEO Roe-Hyun Myung announced that the company is entering a deal to supply ISA CTEEP, a Brazilian energy transmission company, with 100 km of extra-high-voltage submarine and underground cables.
A press release said that the order from ISA CTEEP is for a project to provide a new power grids to Santa Catarina Island, a vacation spot in southern Brazil. ISA CTEEP is responsible for 25% of the total power transmission of Brazil, and 60% of total power transmission of the Southeastern region. This Brazil project, a first for LS Cable & System, will resolve a local power shortage problem.
More than 60% of Brazil’s power depends on hydroelectric generation using the Amazon River, Parana River, Xingu River and others, the release said. If there is a drought then power shortages can be prolonged. so the Brazilian government wants to expand its power grids and diversify its power supply to include wind and solar. The expected result will be an expanded and more diversified power market.
"This first supply of submarine cables to Brazil laid down the foundation for expanding into the Brazilian market," said LS Cable & System CEO Roe-Hyun Myung. "Also, we are planning to make our best efforts to advance into neighboring countries like Columbia through cooperation with ISA CTEEP, whose large shareholder is a Columbian power company."
The release notes that LS Cable & System has become one of the top three global cablemakers by supplying submarine cable products to large projects in Europe, the Americas and Asia. The company said that its successful completion of the first offshore wind farm in the U.S. and large submarine power grid projects throughout the Americas, including Canada and Venezuela, were recognized as significant achievements that helped win the contract.