Hyosung Heavy Industries said on the 1st that it signed a long-term supply contract for power equipment, including extra-high-voltage transformers and reactors, with AusNet, the sole transmission network operator in Victoria, Australia.
With this contract, Hyosung Heavy Industries will exclusively supply extra-high-voltage power equipment to Victoria's transmission network in Australia for the next five years. The expected order value is about 310 billion won.
Chairman Cho Hyun-joon said, "Australia is one of the most dynamic markets in the world in terms of the speed and scale of the energy transition," and added, "We will expand cooperation to next-generation grid solutions such as HVDC and STATCOM to become a partner leading Australia's energy transition."
In March, Hyosung Heavy Industries won a 142.5 billion won ESS project in Queensland, Australia. It will supply extra-high-voltage power equipment to major regions in Australia, including Victoria, Queensland, New South Wales, and South Australia.
Hyosung Heavy Industries holds the No. 1 market share for extra-high-voltage transformers in Australia's transmission market. Chairman Cho has noted that Australia is a market rapidly pursuing an energy transition based on abundant renewable energy resources such as solar, wind, and hydropower. Australia is pushing a "national grid overhaul" project valued at 20 billion Australian dollars (about 20 trillion won).
Cho said, "Australia is a strategic market where demand for long-distance transmission networks and power system stabilization technologies continues to expand, based on abundant renewable energy resources and a vast landmass," adding, "We must be not just a simple power equipment supplier but a partner that can provide solutions to Australia's energy policy."
Meanwhile, Hyosung Heavy Industries is also sustaining results in the United States, the largest power market. Early this year, it secured orders worth 787 billion won for power equipment in the North American market alone. Its cumulative orders in the North American market in the first half are expected to reach 2.5 trillion won.