Italian cable manufacturer Prysmian has scrapped plans for a submarine cable factory in the US.
The facility was planned for Brayton Point in Somerset, Massachusetts, and was intended to serve the US offshore wind market.
A spokesperson for the company said: “Prysmian is continuously evaluating market opportunities for our capacity to be aligned with demand, to best serve our customers’ needs, and to also carry out efficient and timely investments – including all relevant permitting permissions – in our growing markets, in the US and globally.
“As a result of the consideration, including the strong growth opportunities in the U.S. and global cable markets, Prysmian has decided to not proceed with the purchase of the land in Somerset, and therefore will not proceed with the Brayton Point project.”
The spokesperson said that the decision was not linked to any political development, and added that there remains “excellent opportunities for growth” in the US market driven by data centres, reshoring of industry, and electrification.
A source close to Prysmian said that the US submarine cable market differs from Europe’s, with a smaller demand for interconnectors, meaning that the offshore wind market is a more significant driver of growth in the US than in Europe.
The US offshore market remains small.
The source said: “We need to align our investment in capacity to demand at this time of increasing global demand across all of our segments.”
The source added that the US market for offshore wind didn’t “substantially materialise” under former President Joe Biden, and that suggestions that President Donald Trump has killed the industry are misleading.
“The reality is the market hasn’t developed as had previously been foreseen”, the source said.
The Brayton Point cable factory has also been subject to numerous delays, and permitting had still not been granted when Prysmian moved to pull the project last week.