Taihan Cable & Solution Co. secured power grid construction projects worth 220 billion won ($158 million) from Qatar’s state-owned water and electricity authority, according to company statements Monday. The contracts represent the latest in a series of Middle East wins for Korea’s second-largest cable manufacturer.
The projects involve building 400-kilovolt and 220kV ultra-high voltage power grids on a turnkey basis, covering design, production, installation and testing. Taihan had previously secured a separate 40 billion won Qatar project on Aug. 21, bringing its recent Qatar bookings to the equivalent of roughly 6.7% of its 2024 consolidated revenue.
Qatar’s electricity consumption has surged 6.5% annually since 2020 to reach 56 terawatt-hours in 2024, driven by air conditioning demand and water desalination needs in the gas-rich nation. The country’s electricity demand is projected to increase 58% by 2040 compared to 2021 levels, intensifying infrastructure requirements.
The Qatar wins continue Taihan’s aggressive Middle East expansion. The company has secured contracts worth $42 million in Kuwait, $60 million in Bahrain, and a record $630 million deal in Singapore over the past year.
While Taihan touts its technological capabilities, the company faces intensifying competition from European and Japanese rivals in the high-voltage transmission market. The Korean manufacturer reported 41.7 billion won in operating profit for the first half of 2024, benefiting from higher-margin cable products as global grid infrastructure ages.
Qatar’s power market remains dominated by gas-fired generation, with thermal plants accounting for more than 90% of total capacity despite renewable energy targets.