Major New HVDC Project in South Korea
South Korea is set to embark on a major infrastructure project dubbed the "West Coast Underwater Power Highway." This ambitious venture aims to transmit electricity generated in the Honam region to the semiconductor cluster in the Seoul metropolitan area.
The project, slated for completion by 2036, involves constructing a 620-kilometer underwater transmission network.
Key details of the project include two main transmission routes: Shin-Haenam to Taean to West Incheon (430 km) and Saemangeum to Taean to Yeongheung (190 km). The total project length consists of 620 km of High Voltage Direct Current (HVDC) lines. The estimated cost is 7.9 trillion won, with potential to increase to 11 trillion won. The target completion date is set for 2036, with construction aimed to start in 2029.
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The project is designed to address the growing power demand in the Seoul metropolitan area, where electricity consumption is rapidly increasing while power plants are primarily located in the Honam and Southeast regions. The HVDC underwater transmission network is chosen for its suitability for long-distance power transmission and minimal power loss.
Major beneficiaries of this project are expected to be LS Cable & System and Taihan Electric Wire. LS Cable & System, recognized globally for its high-level technology, has strengthened its position by acquiring LS Marine Solutions in August 2023. This acquisition allows the company to offer an integrated business model from submarine cable production to construction and maintenance.
The government is considering expanding private sector participation to accelerate the project, with a "turnkey" approach being a likely option. This method would bundle design, construction, land acquisition, and permitting processes together, potentially benefiting large construction companies as well.
