An irreversible trend towards renewable energy will continue to fuel growth Prysmian Group’s submarine cables business in the coming years, as offshore wind technology becomes more reliable and spreads to new geographic regions, says Hakan Ozmen, Prysmian Group EVP Projects Business Unit.
“The world is changing,” he says. “There is a huge trend towards renewable energy as it becomes increasingly efficient. This is good for the planet. I feel the fact that our core business in submarine power cables is built around renewable energy is an additional motivation for us.”
The Viking Link contract announced by Prysmian July 23 is a good example of these trends and of Prysmian’s competitive advantage. The €700 million submarine contract calls for cabling a distance of 1,250 km, the longest ever, and will help bring sustainable energy to 1.4 million households in the UK and Denmark.
Wind energy was Europe’s second largest form of power generation capacity in the EU28 in 2018, and is likely to overtake natural gas installations this year, according to figures from WindEurope, an industry group. In 2018, wind energy generated enough to meet 14% of the EU’s electricity demand. Denmark had the highest share of wind generated energy in Europe (41%), followed by Ireland (28%) and Portugal (24%). Germany was the leader in installations.