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Four years ago, several of the world's leading companies that make high-voltage cables and Goldman Sachs AG were fined $371 million
for operating a cartel monopoly.
But at present, global high-voltage cables, especially high-voltage submarine cables, are still controlled by a small group of companies and charge exorbitant prices
to data centers, solar and wind farms, and other high-tech companies.
In 2014, Prysmian, Nexans and six other high-voltage cable makers were fined 302 million euros ($371 million)
by EU regulators for cartel monopolies.
The European Union's antitrust agency said the cartel monopoly had been operating since 1999 and that several companies had agreed to distribute customers and share the market rather than compete and offer lower prices
.
The European Commission found that Goldman Sachs, which sits on the board of Prismian, played a key role
in the cartel following the spin-off of Italian tyre maker Pirelli.
Goldman Sachs bought Prysmian through its private equity fund in 2005, but later sold its stake
.
But British cable supplier Bill Sinclair revealed that the global cable industry has changed
only slightly since the 2014 fine.
Bill Sinclair said in an interview with Sputnik: "The global cable industry has a demand of $150 billion, so for them, these fines are just a drop in the bucket
.
" ”
High-voltage cables, which typically run underground, are designed to allow electricity to travel over long distances without loss and are essential
for connecting energy supplies, whether solar power plants or users, such as factories or computer centers.
The biggest cost in manufacturing is copper as the main component, but another major factor is that manufacturers need very expensive switchgear to test
it before selling it.
Other companies involved include Denmark's Anquet, Japan's Exsym Corporation, South Korea's J-Power Systems, LS Cable and Viscas Corporation and General Cable of the United States, which participates through its subsidiary Silec
.
Nkt CEO Michael Lyng told Reuters at the time, "We believe there is no evidence of the Commission's allegations and we have not engaged in any form of cartel conduct, so we disagree with this decision and we will appeal
.
" ”
In their ruling, the European Commission said the cable manufacturers met secretly and divided the market
.
"Part of the plan is to allocate important high-voltage cable projects in the EEA, including large-scale infrastructure and renewable energy projects
such as offshore wind farms," the European Commission said.
”
It is reported that the UK has been particularly affected by cable supply restrictions, as the UK's cable industry has been severely damaged and "divested"
.
With the UK cable industry in a state of closure for years, successive UK governments have turned a blind eye
.
Four years ago, several of the world's leading companies that make high-voltage cables and Goldman Sachs AG were fined $371 million
for operating a cartel monopoly.
But at present, global high-voltage cables, especially high-voltage submarine cables, are still controlled by a small group of companies and charge exorbitant prices
to data centers, solar and wind farms, and other high-tech companies.
In 2014, Prysmian, Nexans and six other high-voltage cable makers were fined 302 million euros ($371 million)
by EU regulators for cartel monopolies.
The European Union's antitrust agency said the cartel monopoly had been operating since 1999 and that several companies had agreed to distribute customers and share the market rather than compete and offer lower prices
.
The European Commission found that Goldman Sachs, which sits on the board of Prismian, played a key role
in the cartel following the spin-off of Italian tyre maker Pirelli.
Goldman Sachs bought Prysmian through its private equity fund in 2005, but later sold its stake
.
But British cable supplier Bill Sinclair revealed that the global cable industry has changed
only slightly since the 2014 fine.
Bill Sinclair said in an interview with Sputnik: "The global cable industry has a demand of $150 billion, so for them, these fines are just a drop in the bucket
.
" ”
High-voltage cables, which typically run underground, are designed to allow electricity to travel over long distances without loss and are essential
for connecting energy supplies, whether solar power plants or users, such as factories or computer centers.
The biggest cost in manufacturing is copper as the main component, but another major factor is that manufacturers need very expensive switchgear to test
it before selling it.
Other companies involved include Denmark's Anquet, Japan's Exsym Corporation, South Korea's J-Power Systems, LS Cable and Viscas Corporation and General Cable of the United States, which participates through its subsidiary Silec
.
Nkt CEO Michael Lyng told Reuters at the time, "We believe there is no evidence of the Commission's allegations and we have not engaged in any form of cartel conduct, so we disagree with this decision and we will appeal
.
" ”
In their ruling, the European Commission said the cable manufacturers met secretly and divided the market
.
"Part of the plan is to allocate important high-voltage cable projects in the EEA, including large-scale infrastructure and renewable energy projects
such as offshore wind farms," the European Commission said.
”
It is reported that the UK has been particularly affected by cable supply restrictions, as the UK's cable industry has been severely damaged and "divested"
.
With the UK cable industry in a state of closure for years, successive UK governments have turned a blind eye
.
