ZAWYA新闻2月23日援引《埃及每日新闻》报道，埃及电力和可再生能源部长马哈茂德·埃斯马特 宣布，埃及-沙特阿拉伯电力互联项目已进入最后测试阶段，目前正与沙特阿拉伯方面密切协调，以完 成试验运行并在未来几周内开始并网。 该消息是在埃斯马特对巴德尔市500千伏高压直流（HVDC）换流站进行实地考察时宣布的。该设 施在规模、制造技术和跨境输电运行能力方面，被认为是中东地区首个此类设施。 （原标题：埃及-沙特电力互联将于数周内正式启用） 该项目总输电容量为3000兆瓦，通过约1350公里的架空输电线路和横跨红海的海底电缆，连接沙特 阿拉伯东部和西北部以及开罗以东巴德尔市的三座主要高压换流站。该项目被视为连接非洲、亚洲和欧 洲电网的战略里程碑。 ...

Core Viewpoint - The report from CICC highlights the active bidding dynamics in HVDC project construction in countries like Germany, the UK, and Saudi Arabia, with emerging markets in Asia, Africa, and Latin America starting project planning driven by energy transition and grid interconnection needs, indicating long-term development potential [1][2]. Group 1: Overseas HVDC Market Dynamics - The pace of HVDC construction varies overseas, with Europe expected to see around 100 GW of projects come online over the next decade [2]. - The report anticipates a new peak in contract signings due to the mature technology development in Europe and the dual drivers of grid interconnection and offshore wind energy transmission [2]. - The average annual production value of overseas HVDC converter systems is projected to exceed $10 billion from 2025 to 2030, with a CAGR of 21% [2]. Group 2: Supply Chain and Market Opportunities - High barriers to entry in high-voltage transmission result in a supply concentrated among local overseas manufacturers, with high-margin projects expected to contribute to performance elasticity [3]. - The supply of key components and cable systems is dominated by three major European brands, with capacity bookings extending to around 2030 [3]. - The tightening supply-demand dynamics present opportunities for technically capable Asian companies, with Japanese and Korean cable manufacturers already securing orders in Europe [3]. Group 3: Chinese Manufacturers' Market Position - Chinese power equipment manufacturers are leveraging "going out" strategies to cover markets in Brazil, Pakistan, and other regions, achieving performance breakthroughs in Germany and Saudi Arabia [3]. - The strong demand in the European market may prioritize international leaders' capacity for supply, while Chinese manufacturers are expected to accelerate order acquisition in emerging markets [3].

Core Viewpoint - The article highlights the increasing global demand for High Voltage Direct Current (HVDC) projects, particularly in Europe, driven by the need for grid interconnection and long-distance renewable energy transmission, which is expected to catalyze performance for related manufacturers [1][3]. Group 1: Market Dynamics - European countries are actively planning HVDC projects, with an estimated 100GW expected to be operational in the next decade, particularly in the UK, Germany, and Italy [3][17]. - The average annual production value of overseas HVDC converter systems is projected to exceed $10 billion from 2025 to 2030, with a CAGR of 21% [3][40]. - The supply side of the HVDC market is highly concentrated among local manufacturers, leading to high barriers to entry and extended delivery times for key components [3][42]. Group 2: Regional Insights - In the UK, there are currently 9 operational interconnectors with a total capacity of 9.8GW, and 4 additional projects are under construction, expected to be operational by 2030 [17]. - Italy's Terna plans to invest over €21 billion in its transmission network over the next decade, with significant HVDC projects planned to enhance interconnection capacity [18]. - Germany is positioned at the core of the European interconnected grid, with approximately 4.2GW of HVDC interconnectors and additional projects planned [18]. Group 3: Technological Advancements - HVDC technology is favored for large-scale, long-distance power transmission due to its higher reliability and efficiency, with energy losses 30-50% lower than High Voltage Alternating Current (HVAC) systems [6][7]. - The VSC-HVDC technology is increasingly adopted in Europe, providing flexibility and stability for offshore wind power integration [6][7]. Group 4: Emerging Markets - Emerging markets in Asia, Africa, and Latin America are beginning to explore HVDC projects, driven by energy transition needs and grid interconnection demands [35][36]. - The Middle East and North Africa region is witnessing significant planning for HVDC projects to address mismatches between energy resources and load centers [35][36]. Group 5: Key Players - The HVDC converter market is dominated by three major players: Hitachi Energy, Siemens Energy, and GE Vernova, which collectively hold over 90% of the market share [42][44]. - European cable manufacturers, including Prysmian, Nexans, and NKT, lead the HVDC cable market, while Asian companies are gradually entering the market [46].