US utility to receive $86 M worth transformers
American Electric Power (AEP) has ordered transformers worth $86 M from a South Korean electrical equipment manufacturer.
Image source: Aju Business Daily
South Korea, Seoul: American Electric Power (AEP) has ordered transformers worth $86 M from a South Korean electrical equipment manufacturer.
Hyundai Electric will deliver a total of 3,500 transformers, crucial for the power supply of residential areas, to the US utility company.
The company source states the transformer market has gained momentum thanks to the local 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.
“As the trend of renewable energy conversion is gaining momentum all over the world, the power distribution transformer market will continue to grow,” said an unnamed Hyundai Electric official.
Source: Aju Business Daily
#American Electric Power#Hyundai Electric#order#South Korea#transformers#USA