Australian network operator AusNet has struck a AUD 300 million ($210 million) deal with South Korea’s Hyosung Heavy Industries to secure the supply of up to 45 power transformers to strengthen the energy network in the state of Victoria.
AusNet has signed a long-term supply contract with Hyosung Heavy Industries to secure the supply of up to 45 ultra-high-voltage power transformers as it works to strengthen Victoria’s transmission network, support the continued growth of renewable energy generation in the state and growing electricity demand.
Under the agreement, valued at about AUD 300 million , Hyosung will supply AusNet with 45 transmission transformers – needed to step voltage up or down across the grid – reactors and other critical power equipment over the next five years.
AusNet Chief Executive Officer David Smales said the Hyosung deal is essential to delivering Victoria’s future energy system, adding that the contract reduces supply chain risk and guarantees access to equipment that will improve network reliability and provide greater certainty for the delivery of solar, wind and battery projects across Victoria.
“Transformers are a critical enabler of the energy transition,” he said. “This agreement locks in access to globally scarce equipment, giving us greater certainty to deliver critical projects.”
