SEOUL, SOUTH KOREA - Hyundai Electric has received an order worth 106.2 billion won $86 milion

Hyundai Electric, a domestic electrical equipment manufacturer and energy solution provider announced that they have received an order worth 106.2 billion won ($86 million) to supply transformers to American Electric Power (AEP), a U.S.-based electricity utility company that oversees power distribution in 11 states. A total of 3,500 transformers crucial in power grids for residential areas will be provided to the U.S. company with some 5 million customers.


According to the company Hyundai Electric showed that the U.S. is one of the world's largest transformer markets with high demand for distribution transformers capable of changing the high voltage to a normal voltage for power distribution. More than one million distribution transformers are sold every year in the country. Hyundai Electric said the transformer market has gained momentum thanks to the Infrastructure Investment and Jobs Act (IIJA), a $1.2 trillion federal project to repair industrial infrastructure including roads, bridges and airports, as well as reducing carbon emissions.

Hyundai Electric said in a statement on January 31 that 5,500 pad-mounted transformers provided to American Electric Power will be installed in Texas, Ohio, and Oklahoma. "As the trend of renewable energy conversion is gaining momentum all over the world, the power distribution transformer market will continue to grow," an unnamed Hyundai Electric official said.

Source: Aju Business Daily