# HVDC links: Value chain

The handful of firms that make converters and DC cable

Source page: https://www.materialinsights.org/energy/e_hvdc/valuechain/

What this tab covers Who does what, from equipment makers to builders, owners, operators, traders and users, with the leading companies at each step.

A handful of firms make converters and HVDC cables; specialist contractors lay cables and build stations; grid companies own the links; regulators and governments decide who pays and which links get built.

#### The chain
 Converter makers HVDC cable makers Installers and civil contractors Owners and operators Merchant developers Funders and regulators

| Stage | What happens | Leading companies |
|---|---|---|
| **Converter makers** | Design and build converter stations, valves and control systems; the four selected for National Grid's 2025 converter framework | Hitachi Energy (Switzerland/Japan) Siemens Energy (Germany) GE Vernova (United States) Mitsubishi Electric (Japan)^[9](https://nationalgrid.com/media-centre/press-releases/national-grid-awards-hvdc-supply-chain-framework-contracts)^[10](https://www.iea.org/reports/building-the-future-transmission-grid/executive-summary) |
| **HVDC cable makers** | Make insulated land and subsea DC cables | Prysmian (Italy) NKT (Denmark) LS Cable & System (South Korea) Sumitomo Electric (Japan) Taihan Cable & Solution (South Korea)^[8](https://www.nationalgrid.com/national-grid-announces-commercial-operations-viking-link-worlds-longest-land-and-subsea)^[9](https://nationalgrid.com/media-centre/press-releases/national-grid-awards-hvdc-supply-chain-framework-contracts) |
| **Installers and civil contractors** | Lay cables and build converter buildings and foundations | Jan De Nul (Belgium), with Hellenic Cables (Greece) VINCI (France) Balfour Beatty (United Kingdom) Laing O'Rourke (United Kingdom) Skanska (Sweden)^[7](https://www.theconstructionindex.co.uk/news/view/national-grid-names-eight-for-12bn-hvdc-framework?amp=1)^[9](https://nationalgrid.com/media-centre/press-releases/national-grid-awards-hvdc-supply-chain-framework-contracts)^[16](https://www.renewableenergymagazine.com/panorama/hitachi-energy-wins-order-for-first-subsea-20230619) |
| **Owners and operators** | Finance and own the links, earning regulated revenue or congestion income | State Grid Corporation of China (China) National Grid (United Kingdom) Energinet (Denmark) INELFE, owned by Red Eléctrica and RTE (Spain/France) Elering (Estonia)^[2](https://powerline.net.in/2019/01/08/chinas-sgcc-commissions-worlds-first-±1100-kv-uhvdc-project/)^[8](https://www.nationalgrid.com/national-grid-announces-commercial-operations-viking-link-worlds-longest-land-and-subsea)^[14](https://elering.ee/en/article/smooth-repair-work-brings-estlink-2-connection-back-market-already-friday)^[16](https://www.renewableenergymagazine.com/panorama/hitachi-energy-wins-order-for-first-subsea-20230619) |
| **Merchant developers** | Propose privately financed links that sell power or capacity | Xlinks (United Kingdom)^[12](https://www.enerdata.net/publications/daily-energy-news/uk-backs-away-cfd-3800-km-morocco-uk-hvdc-interconnection.html) |
| **Funders and regulators** | Grant funding, lend and approve costs | European Commission, Connecting Europe Facility (EU) European Investment Bank (EU)^[17](https://www.eib.org/en/press/all/2025-241-eib-supports-with-eur1-6-bn-the-strategic-bay-of-biscay-electricity-interconnection-between-spain-and-france?lang=es) |

The IEA notes that supply of some grid components is concentrated among a few top-tier suppliers. Lead times for DC cables now exceed five years, so developers reserve factory slots years ahead. Interconnector owners earn from price differences between the two markets they join (congestion income), often within regulated limits.

#### Sources

1. [China's SGCC commissions world's first ±1,100 kV UHVDC project](https://powerline.net.in/2019/01/08/chinas-sgcc-commissions-worlds-first-±1100-kv-uhvdc-project/) Power Line Magazine, 2019
2. [National Grid names eight for GBP 12bn HVDC framework](https://www.theconstructionindex.co.uk/news/view/national-grid-names-eight-for-12bn-hvdc-framework?amp=1) The Construction Index, 2025
3. [National Grid announces commercial operations of Viking Link, the world's longest land and subsea interconnector](https://www.nationalgrid.com/national-grid-announces-commercial-operations-viking-link-worlds-longest-land-and-subsea) National Grid, 2023
4. [National Grid awards HVDC supply chain framework contracts](https://nationalgrid.com/media-centre/press-releases/national-grid-awards-hvdc-supply-chain-framework-contracts) National Grid, 2025
5. [Building the Future Transmission Grid: Executive summary](https://www.iea.org/reports/building-the-future-transmission-grid/executive-summary) IEA, 2025
6. [UK backs away from CfD for 3,800 km Morocco-UK HVDC interconnection](https://www.enerdata.net/publications/daily-energy-news/uk-backs-away-cfd-3800-km-morocco-uk-hvdc-interconnection.html) Enerdata, 2025
7. [Smooth repair work brings EstLink 2 connection back to market already on Friday](https://elering.ee/en/article/smooth-repair-work-brings-estlink-2-connection-back-market-already-friday) Elering, 2025
8. [Hitachi Energy wins order for first subsea electricity interconnection between France and Spain](https://www.renewableenergymagazine.com/panorama/hitachi-energy-wins-order-for-first-subsea-20230619) Renewable Energy Magazine, 2023
9. [EIB supports with EUR 1.6 bn the strategic Bay of Biscay electricity interconnection between Spain and France](https://www.eib.org/en/press/all/2025-241-eib-supports-with-eur1-6-bn-the-strategic-bay-of-biscay-electricity-interconnection-between-spain-and-france?lang=es) European Investment Bank, 2025

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_hvdc/index.md)
- [Overview](https://www.materialinsights.org/energy/e_hvdc/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_hvdc/correlation/index.md)
- [How it works](https://www.materialinsights.org/energy/e_hvdc/explain/index.md)
- [Efficiency and losses](https://www.materialinsights.org/energy/e_hvdc/efficiency/index.md)
- [Technology advances](https://www.materialinsights.org/energy/e_hvdc/advances/index.md)
- [Geopolitics and regulation](https://www.materialinsights.org/energy/e_hvdc/geopolitics/index.md)
- [Unit economics](https://www.materialinsights.org/energy/e_hvdc/economics/index.md)
- [Impact on the biosphere](https://www.materialinsights.org/energy/e_hvdc/biosphere/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_hvdc/links/index.md)