LS Electric to sign deal with GE-KEPCO venture
LS Electric is set to sign a 500 billion won ($358 million) deal with a GE-KEPCO joint venture to build a high voltage direct current (HVDC) converter transformer system.
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South Korea, Seoul: LS Electric Co., a South Korean industrial energy facility and systems supplier, is set to sign a 500 billion won ($358 million) deal with a GE-KEPCO joint venture to build a high voltage direct current (HVDC) converter transformer system in its biggest HVDC transformer deal. According to sources in the Korean energy system industry, the company will sign the contract to build an HVDC transformer system with KAPES Inc., a JV formed by General Electric Co. (GE) and Korea Electric Power Corp. (KEPCO) this week. The system will be used in a KAPES project to build HVDC transmission lines from Korea’s metropolitan areas to the east coast.
The deal accounts for 11.8% of LS Electric’s total sales of 4.23 trillion won for 2023. The company is the country’s sole supplier of HVDC high-voltage transformers, having built an HVDC transformer factory in Busan in 2011. It has recently invested 160 billion won to expand the factory.
To meet the growing demand for HVDC transmission systems, LS Electric aims to speed up its foray into North America, the world’s biggest energy market where the demand for HVDC high-voltage transformers is rapidly rising, driven by growing state projects to replace national energy grid strategic infrastructure.
Source: The Korea Economic Daily
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