France's RTE signs billion euro cable supply agreement with European manufacturers
05/11/2024 17:41
Nov 5 (Reuters) - France's electricity transmission
system operator RTE on Tuesday announced a billion euro ($1.09
billion) contract with European suppliers, including fibre-optic
cables maker Nexans NEXS.PA , to support its projects through
2028.
RTE also announced the signature of supply agreements with
Greece's Hellenic Cables HCAr.AT , Italy's Prysmian PRYSC.UL
as well as Copenhagen-listed NKT NKT.CO .
WHY IT IS IMPORTANT
RTE maintains and develops the high and extra-high voltage
network in France, including 7,000 km of underground lines. The
French grid, which is the most extensive in Europe, features 37
interconnections with its neighbouring countries.
KEY QUOTE
"These contracts illustrate how the investments made by RTE
to upgrade the French grid can contribute to developing
employment and economic growth in France. They also reflect
RTE's determination to join forces effectively with other
industrial partners to adapt the French grid to support the
country’s transition towards carbon neutrality by 2050," RTE
said in a joint press release.
BY THE NUMBERS (Key data points)
The contracts include the supply and installation of around
5,200 km of underground cables, which will be exlusively
produced in Europe. The production, for a total cost of 668
million euros, will take place for one third in France,
reserving almost all of the French production capacity still
available until 2028, RTE said.
($1 = 0.9160 euros)
(Reporting by Alban Kacher; Editing by Angus MacSwan)
((alban.kacher@thomsonreuters.com))