Leading power and automation technologies supplier
) recently received a $55 million contract from Dudgeon Offshore
Wind Limited to supply an underwater power cable system for a
wind farm in Norfolk.
The scope of the contract requires ABB to design and provide
the wind farm with a couple of 132-kilovolt (kV) three-core
submarine AC (alternating current) power cables, each being 42
kilometer (km) long. The cables will connect the offshore
substation to the onshore facilities via the village of Weybourne
Hope. These cables will transfer 400-megawatt of electricity from
the farm to the UK national grid.
These cables, manufactured at ABB's high-voltage production
facility in Karlskrona, Sweden, will be supplied from 2016
A key component of any renewable energy is its uninterrupted
and efficient transportation to consumers. ABB's technical
expertise in this regard along with its extensive portfolio is
likely to benefit the project.
The Dudgeon Offshore Wind Farm is expected to offer renewable
energy to about 400,000 households in the UK once it gets
functional. It is owned by a couple of Norwegian power and energy
) and Statkraft, holding 70% and 30% stakes, respectively.
Moreover, as the demand for renewable energy sources are on a
rise, because of their environmental benefits, ABB is well placed
to receive more such opportunities going forward. Europe, alone,
is contributing as much as 70% of the total wind energy produced
across the globe.
ABB currently carries a Zacks Rank #3 (Hold). However, other
better-ranked stocks which are worth considering at the moment
Quanta Services, Inc.
), each carrying a Zacks Rank #2 (Buy).
ABB LTD-ADR (ABB): Free Stock Analysis Report
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