State-run Korea Electric Power Corp. (KEPCO) has successfully completed a verification test for its superconducting cable last month, a step closer to achieving its goal to take the lead in the rapidly growing superconducting cable market.
According to KEPCO on Sunday, the company succeeded in testing the 1-kilometer-long 154 kilovolt (KV) superconducting cable that was set up between a power substation in Geumak, Jeju Island and Hanlim substation March this year.
Superconducting cable is considered as one of future promising technologies as it can reduce transmission loss by about 90 percent while boosting transmission capacity by more than five times compared to the existing copper cable. Demand for this highly efficient and space-saving cable is expected to grow significantly, in particular in big cities where installing new cables is difficult.
The utility firm expects the successful verification of its superconducting cable would help it gain competitive edge in the fast growing superconducting technology development sector, as its 154KV 600 megavolt-ampere (MVA) cable has the world’s largest capacity exceeding that of the 138KV 574MVA cable operated by the U.S. Long Island Power Authority.
Cho Hwan-eik, president and chief executive officer of KEPCO, said at an initiation ceremony of its new superconductors business in March that the company would foster superconducting technology as its new growth engine and reinforce related businesses to lead the global market. The global superconducting cable market is estimated to grow from $290 million last year to $1.7 billion by 2020.
An unnamed official at KEPCO said the company is waiting for the government approval for commercialization of its new superconductor cable technology after it completed the verification test at the end of October.
Shares of KEPCO closed Monday at 45,650 won, down 0.33 percent or 150 won from the previous session.
By Kang Young-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]