Hyosung Heavy Industries said on the 22nd that it signed a contract worth about 120 billion won to supply extra-high-voltage transformers with Scottish Power Energy Networks (SPEN), the power grid operator in Scotland, United Kingdom.
Through the extra-high-voltage transformers supplied this time, Hyosung Heavy Industries will support a key wind power project that helps implement the United Kingdom's carbon neutrality policy.
In December, Hyosung Heavy Industries won successive orders for extra-high-voltage power equipment worth more than 230 billion won in major European countries, including the United Kingdom, Sweden, and Spain.
In Sweden, it won an order worth about 50 billion won for extra-high-voltage transformers from a major distribution operator. In early Dec., it also secured an order for extra-high-voltage transformers in Norway, expanding its influence in the Nordic power market.
It also signed a contract worth about 60 billion won to supply transformers and reactors with major Spanish power companies and energy corporations. The entry into Spain is the first achievement in Southern Europe, enabling Hyosung Heavy Industries to build an order portfolio that spans all of Europe.
The European power equipment market is considered a "high-end" market dominated by global advanced competitors. This year, Hyosung Heavy Industries passed the short-circuit test for extra-high-voltage transformers by the French transmission system operator (RTE), meeting Europe's highest stability standards. A short-circuit test is a safety verification procedure that evaluates whether a transformer performs its normal functions under conditions of extreme electrical stress.
The product that Hyosung Heavy Industries successfully certified has a capacity of 600 megavolt-amperes (MVA), enough to handle the power consumption of more than 500,000 households, the largest capacity in France.
Driven by energy transition for carbon neutrality and the need to replace aging power grids, the European power market is expected to grow sharply by more than 5% annually to about $6 billion to $7 billion by 2030.