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Venture aims to build ‘world-leading’ £923 million Port of Tyne cable plant

Plans have been unveiled to create a ‘world-leading’ £923 million North East energy sector factory.

LS Eco Advanced Cables hopes to build a high-voltage cable (HVDC) plant at Port of Tyne.

Described as the “world largest” factory of its type, bosses hope to secure planning permission this year and start production in 2027.

They say the venture, which would sit on the port’s Tyne Renewables Quay site – will deliver “dependable zero-carbon energy” by removing a “bottleneck in energy transition”.

A spokesperson for LS Eco Advanced Cables – which is a joint venture between Global InterConnection Group and a subsidiary of Korean cable maker LS Group – said the factory would deliver “substantial positive environmental and social impact”.

They added: “A severe global shortage of high voltage cable is causing a critical bottleneck in the energy transition, with constrained supply paired with rapidly-growing demand from the interconnector, offshore wind and grid upgrade projects that are needed to reach net-zero.

“By providing the high-voltage cables to deliver dependable zero carbon energy, LS Eco Advanced Cables will help address the electricity supply volatility from growing dependence on wind and solar.

“It will also reduce the UK’s dependence on fossil fuels for peaking power, enhance energy security and reduce prices for UK consumers and businesses alike.

“HVDC cables reduce electricity transmission losses by at least 15 per cent over even relatively short 150-kilometre cable lengths, compared to AC power cables.”

May 28, 2024

  • Business & Economy

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