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PRYSMIAN HANDS OVER THE NEW POWER SUBMARINE CABLE LINKING NEWJERSEY AND LONG ISLAND, NEW YORK

The Neptune power transmission interconnector is the first 500Kv submarine cable ever
installed worldwide. A milestone project in the US power industry, is now in operation and started providing low cost energy to 600,000 houses.

Milan, July 2, 2007 – Prysmian Cables & Systems, a worldwide leading player in the cable industry, handed over the Neptune submarine transmission cable between New Jersey and Long Island. Implemented by a consortium of Prysmian and Siemens, the link is now operational after a successful trial period for the benefit of the Long Island Power Authority (LIPA) and its ratepayers.

Expected to be finalized at the end of July 2007, the project has been completed in advance in order to face the growing demand of energy during the Summer period.

Thanks to the Neptune interconnection, LIPA can now acquire lower-cost energy in time for the peak summer season, when demand for electricity is highest, meeting the needs of about 600,000 average-sized homes. Moreover, the project provides much-needed electric power and transmission infrastructure to densely populated areas in a cost-effective and sustainable way.

The Neptune cable was produced in the Italian plant in Arco Felice (Naples) and installed by the Giulio Verne, one of the few high-capacity cable-laying vessels in the world. Designed to carry a rated power of 660 megawatts and not less than 750 MW in exceptional overload, the cable covers a distance of 65 miles. Neptune is the first 500Kv submarine cable ever installed worldwide.

The consortium of Prysmian and Siemens was awarded for the design, delivery and installation of the direct-current voltage link between New Jersey and Long Island by Neptune Regional Transmission System in 2005. Neptune Regional Transmission System is a developer, owner and operator of the Neptune HVDC transmission project, responsible for its planning, permitting, financing and construction. The total value of the project for Prysmian was in excess of 190 million dollars.

Thanks to its ability in developing products and systems designed on the basis of clients’ specific requirements, Prysmian was also in charge of installing 20 kilometers of 345Kv high voltage terrestrial cables at Long Island, linking the cable to the closest terminal stations.

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