As the legal battle over technology leaks between LS Cable and Daehan Cable escalates into a criminal investigation, both companies are fiercely competing in the high-voltage power network market. Whenever one company announces a contract win, the other quickly responds in a tit-for-tat fashion, particularly in the HVDC projects in Singapore and along the East Coast.
According to industry sources on June 17, LS Cable and Daehan Cable have recently secured contracts for high-voltage power networks in Singapore and the East Coast region. The two companies have been embroiled in disputes over allegations of technology leaks for several years. The police have recently referred the case to prosecutors, who are currently reviewing whether to file charges.
The competition heated up first in Singapore. On June 8, Daehan Cable announced it had won a project worth approximately 140 billion won to supply 400kV and 230kV ultra-high-voltage cable systems to the Singapore Power Authority. Over the past two years, Daehan Cable has secured projects worth about 1 trillion won in Singapore alone, emphasizing its leading position in the local market for cables rated above 400kV, which require advanced technology.
LS Cable quickly countered this announcement. On June 17, LS Cable revealed it had also secured a project worth around 140 billion won from the Singapore Power Authority to supply 400kV and 230kV cables. LS Cable highlighted that it has maintained the top market share in Singapore's ultra-high-voltage cable sector since 2010, in partnership with LS Eco Energy.
The competition extends to the East Coast-Han River HVDC project as well. On June 15, LS Cable announced it had won a turnkey contract for the second phase of the East Coast-Han River HVDC project, which is being promoted by Korea Electric Power Corporation. Following its participation in the first phase in 2024, LS Cable's total supply for this project is expected to be around 234 billion won.
Daehan Cable also announced its contract win for the East Coast-East Seoul HVDC project, valued at 146.3 billion won. Daehan Cable will manufacture and supply 500kV HVDC XLPE cables and related materials, executing the project on a turnkey basis.
Both companies emphasize similar technical strengths. LS Cable promotes itself as the only company in South Korea to commercialize HVDC cables and ultra-high-voltage underwater cables. It also cites its global achievements, including the commercialization of the world's largest transmission capacity 525kV 90℃ HVDC cable and projects like the one with Germany's Tennet.
Daehan Cable highlights its experience in developing and commercializing the first 500kV power network in South Korea and expanding HVDC technology. It showcases its achievements in developing the first 500kV current-type HVDC and 525kV voltage-type HVDC cable systems, along with its performance in overseas markets such as the United States and the United Kingdom.
Industry experts believe this competition for contracts has evolved beyond mere performance announcements into a battle for technological credibility. With the allegations of technology leaks now in the hands of prosecutors, both companies must prove their capabilities in ultra-high-voltage and HVDC technologies to the market. Contract announcements serve as both a defense of their technology and a demonstration of their competitive edge.
The high-voltage power network market is rapidly expanding due to the growing demand for AI data centers and renewable energy integration. HVDC technology, which is advantageous for long-distance, large-capacity transmission, is considered essential for building national power grids and connecting offshore wind power. As the power infrastructure supercycle gains momentum, both the Singapore and East Coast projects are markets that neither company can afford to miss.
However, the allegations of technology leaks remain a significant variable. LS Cable claims that its trade secrets have been unfairly obtained, while Daehan Cable has denied the related allegations. The outcome of the prosecutors' decision on whether to file charges and the subsequent trial results are expected to have considerable implications for the competitive dynamics between the two companies.
An industry insider stated, "The high-voltage cable market is one where technology and execution experience determine contract wins. Regardless of the ongoing disputes, both companies will likely intensify their competition by showcasing their contract achievements in major domestic and international projects."
* This article has been translated by AI.
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