Wet‐design AC subsea power cables are currently rated up to a maximum voltage of 72.5 kV. These high voltage (HV) cables are cost‐effective alternatives to subsea cables kept dry by a protective lead sheath and exhibit superior properties for dynamic applications. However, several vented water trees, degradation phenomena reducing the cable lifetime, are observed in a HV XLPE insulated cable subjected to wet aging in the laboratory. The water trees initiate from a smooth and clean XLPE insulation/semiconductive screen interface. In this paper, we show that voids in the range 15–150 μm are observed in the conductor screen, 50–320 μm from the water tree inception sites. Degradation of the semiconductive material is observed, in the form of porous regions that connect the voids to the water tree inception sites. NaCl impurities are detected on the void surfaces and in the porous regions. These features are proposed to be the pre‐requisites for the formation of the vented water trees observed in this type of cable. The mechanism responsible for the formation of the void and porous regions in the semiconductive cable screen is discussed based on the observations.