Hyundai Electric Secures Large-Scale Orders Worth 110 Billion KRW in Europe and the Middle East

UK 47.4 Billion KRW · Saudi Arabia 67.6 Billion KRW, Successive Contracts for High-Voltage Electrical Equipment

On the 6th local time, at the National Grid headquarters in the UK, Cho Seok, CEO of Hyundai Electric (second from the right in the photo), and Mark Brackley, Chief Procurement Officer of National Grid (second from the left in the photo), signed a transformer supply contract worth a total of 47.4 billion KRW. Photo by Hyundai Electric

[Asia Economy Reporter Jeong Dong-hoon] Hyundai Electric, a power equipment and energy solutions affiliate of Hyundai Heavy Industries Group, has successfully secured large-scale orders in Europe and the Middle East.

On the 7th, Hyundai Electric announced that it signed a supply contract worth a total of 47.4 billion KRW with the UK power company National Grid for seven 400kV ultra-high voltage transformers and one 275kV transformer.

The contract signing ceremony held on the 6th local time at National Grid headquarters in the UK was attended by key officials from both companies, including Hyundai Electric CEO Jo Seok and Mark Brackley, Head of Purchasing at National Grid.

The transformers ordered this time are scheduled to be installed at five substations operated by National Grid in the UK starting from 2024.

This year, the UK has experienced unprecedented heatwaves, significantly increasing electricity demand, but power generation rates have dropped, causing disruptions in electricity production.

Furthermore, with concerns over energy supply shortages due to the prolonged Russia-Ukraine war, major countries in Europe, including the UK, are actively investing in power infrastructure such as replacing aging power facilities and transmission networks.

Accordingly, inquiries for orders of Hyundai Electric’s main product lines, including ultra-high voltage transformers and high-voltage circuit breakers necessary for power grid expansion, have been steadily continuing, and the export boom in the European market is expected to continue for the time being.

Earlier, on August 30th (Tuesday), Hyundai Electric also secured a large-scale order contract in its key market, the Middle East.

Hyundai Electric signed a power equipment supply contract worth 67.6 billion KRW with the Saudi Electricity Company (SEC) for 380kV transformers and reactors.

With this, Hyundai Electric has achieved total orders worth 637 billion KRW in Europe and the Middle East by August this year, already exceeding 53% of last year’s annual order amount in the same regions.

A Hyundai Electric official said, "As abnormal climate phenomena such as heatwaves, droughts, and floods are becoming more frequent worldwide, investments for diversification and stabilization of power supply networks, including the expansion of renewable energy generation, are continuing," adding, "We will actively pursue sales strategies focusing on our profitable main products."

This content was produced with the assistance of AI translation services.