Korea’s LS Cable actively enters U.S. offshore wind power market

According to South Korea’s “EDAILY” reported on January 15, South Korea’s LS Cable said on the 15th, is actively promoting the establishment of submarine cable plants in the United States. At present, LS cable has 20,000 tons of power cable factory in the United States, and in the past ten years to undertake the United States domestic submarine cable supply orders. LS cable U.S. legal person in the first three quarters of last year, the cumulative sales reached 387.5 billion won, more than the annual sales in 2022, the growth momentum is rapid.

The U.S. government is actively developing the offshore wind industry, and plans to build 30GW-scale offshore wind parks by 2030. According to the U.S. Inflation Reduction Act (IRA), the general renewable energy power generation industry needs to meet the U.S. made parts and components use rate of 40% of the conditions to enjoy 40% investment tax credit, but the offshore wind industry only needs to meet the parts and components use rate of 20% of the rate to enjoy the benefits.