LS Eco Energy announced on March 5 that it will supply ultra-high voltage cables to the Singapore Electricity Authority.
LS-VINA, the company's Vietnamese production unit, will supply the cables, valued at about 12 billion won, starting later this year.
Singapore builds its power grid exclusively with ultra-high voltage cables that run beneath the ground without transmission towers. As one of Asia's largest power markets, the competition for orders is fierce among global cable companies.
LS Eco Energy is working with LS Cable & System, the market leader in Singapore, to expand the market.
"Ultra-high voltage cables have a double-digit operating margin," said a company official, "and we will improve our performance by expanding the market for high-value-added products such as ultra-high voltage cables."
Industry observers believe that Singapore's power market is set to grow further as the government is expanding green energy sources such as offshore wind power.
"Vietnam's state-owned Petrovietnam Group is promoting a project to build an undersea power grid between Vietnam and Singapore," the company said. "We are discussing cooperation with Petrovietnam Group."
