6th Feb 2023 11:09
(Alliance News) - Prysmian Spa on Monday said it has partnered with National Grid PLC to help upgrade the UK's electricity grid.
The Milan-based electrical cable producer said that, through its UK subsidiary, it has signed a medium voltage cable framework agreement with National Grid for a minimum of three years. National Grid is a London-based multinational electricity and gas utility company.
Medium voltage cables will be supplied primarily from the Prysmian's manufacturing plant in Wrexham, North Wales, and will assist National Grid to expand and modernize the network supporting the increase in demand.
Prysmian added that it has built a strategic relationship with National Grid over many years.
"The development of more reliable and smarter grid infrastructures for power transmission and distribution is key for the integration of renewables," said Juan Mogollon, Energy division executive vice president at Prysmian.
"The ambition of Prysmian is to act as an enabler for accelerating the energy transition by supporting the development of greener and smarter power grids with innovative cable technologies, ensuring higher performances, reliability and sustainability."
Prysmian shares were down 1.2% at EUR36.97 each in Milan on Monday, whilst National Grid shares were virtually flat at 1,033.50 pence in London.
By Sophie Rose, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.