Korea’s HD Hyundai Electric wins $60 mn transformer deal in UK
Hyeon-woo Oh
May 29, 2024 (Gmt+09:00)
HD Hyundai Electric’s transformer factory in South Korea (File photo) South Korea’s electric equipment maker HD Hyundai Electric Co. said on Wednesday it has won a power transformer supply deal worth 47.1 million British pounds ($60.1 million) from UK utility company National Grid plc.
HD Hyundai Electric is set to provide nine power transformers with capacities of 275 to 400 kilovolts (kV) to five electrical substations in the UK operated by National Grid by October 2027, according to a regulatory filing by the affiliate of the world’s second-largest shipbuilding group's holding company HD Hyundai Co.
“The power infrastructure industry keeps enjoying a boom this year thanks to rising global power demand and an increasing supply of renewable energy,” said an HD Hyundai Electric official.
“Exports of electric devices such as transformers and high-voltage circuit breakers needed to strengthen power grids are expected to stay firm for the time being.”