Taihan Cable secures U.S. power grid contracts worth ￦130B

The Korean cable firm announced that it has secured projects in New York and California to bring the year's U.S. deals to 330 billion won.

Workers of Taihan Cable & Solution prepare for a power grid replacement in the United States. [Yonhap]

Taihan Cable & Solution, Korea's second-biggest cable company, has won power grid orders in the United States worth 130 billion won ($94 million).

With the latest orders, Taihan Cable has received more than 330 billion-won worth of power grid contracts in the country so far this year, surpassing 80 percent of its U.S. orders amounting to 400 billion won in 2022, the company said in a statement.

The company will supply and install extra high voltage (EHV) cables for a semiconductor plant to be built in New York in a full turnkey contract with a U.S. company, it said.

In two other medium voltage, low-voltage (MV/LV) cable deals, Taihan Cable said it will supply MV/LV products for local infrastructure projects in Los Angeles.

The company didn't provide the name of the company in the EHV deal or any further details about either project.

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 replacing.

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 Cable'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.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]