NKT secures order for two power cable projects and invests in additional high-voltage capacity in Germany
05 Marzo 2024 - 9:02AM
NKT secures order for two power cable projects and invests in
additional high-voltage capacity in Germany
Company Announcement
5 March 2024 Announcement No. 5
NKT secures order for two power cable projects and
invests in additional high-voltage capacity in Germany
NKT has been awarded two onshore power cable projects by the
German TSO Amprion. With the order, NKT further reinforces its
position as the leading provider of power cable solutions for the
German transition to renewable energy and consequently invests in
additional high-voltage capacity at its existing factory in
Cologne, Germany.
Amprion, a German transmission system operator (TSO), has
selected NKT to provide high-voltage alternate current (AC) and
direct current (DC) onshore power cable systems for the ongoing
expansion of the German power grid. With the award of these two
specific turnkey projects, NKT will design, manufacture and install
the high-voltage power cable systems with voltage levels of 110 kV,
380 kV AC and 525 kV DC. With a combined value of approximately EUR
1.2bn, NKT continues the positive development from 2023 and
increases the high-voltage order backlog to approximately EUR
12bn.
NKT President and CEO Claes Westerlind says: - We are excited to
continue the long-term collaboration with Amprion in their
ambitious development of the power grid supporting the transition
to renewable energy. With this award, we leverage our local
footprint, strong commitment to sustainability and confirm the
strength of our high-voltage power cable capabilities. We are also
very pleased to continue building upon our strong position in the
German market.
With these project awards, Amprion progresses the extension of
its high-voltage transmission grid as a key element in the
acceleration of the Energiewende, Germany’s long-term strategy for
the transition to renewable energy by 2045.
Amprion CTO Dr. Hendrik Neumann says: - Contracts like the one
with NKT are fundamental to driving forward the energy transition.
Only if we can procure the necessary resources on the market in
time, we stay on schedule and on course for project success.
Korridor B in particular plays an important role in achieving our
climate targets.
In support of the continued expectations of a strong
high-voltage market outlook, especially in Germany, and the award
from Amprion adding to an already record-high order backlog, NKT
has decided to invest approximately EUR 100m in additional capacity
at its existing factory in Cologne. The investment will be funded
within NKT’s existing capital structure. The added capacity is
planned to be gradually operational from 2027 and is expected to
support NKT’s medium-term financial ambition of delivering RoCE
above 20%.
The majority of the power cables for the two projects will be
manufactured in Cologne which is operating on renewable electricity
and is located close to the installation sites in Germany. The
local footprint will significantly reduce the carbon footprint of
the power cable systems, help create and maintain highly qualified
German jobs supporting the transition to renewable energy in
general and Germany’s leading position within this transition.
The order does not change the 2024 financial outlook for
NKT.
Key facts:
- Customer: Amprion GmbH
- Combined contract value of the two specific turnkey
projects:Approximately EUR 1.2bn in market prices
(approximately EUR 1bn in std. metal prices).
- Project specifications:
- Korridor-B V48: Onshore corridor project with
a route length of approximately 430 km of 525 kV HVDC power
cables.
- Rheinquerung: Cable lengths of
approximately 120 km of 380 kV AC and approximately 50 km of 110 kV
AC power cables for extension of the onshore power grid in
Germany.
- Schedule: The two projects are expected to be
commissioned from 2029 to 2031.
ContactInvestor Relations:
Michael Nass
Nielsen, Head of Investor Relations, Tel.: +45 2494
1654Press:
Pelle Fischer, External
Communications Lead, Tel.: +45 2223 5870
- NKT secures order for two power cable projects and invests in
additional high-voltage capacity in Germany
Grafico Azioni NKT A/S (TG:NKT)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni NKT A/S (TG:NKT)
Storico
Da Dic 2023 a Dic 2024