전력기기·변압기 산업 동향 — 2026-05-19
Siemens Energy delivered a standout Q2 FY2026, with net profit surging 66%, new orders jumping to €17.75 billion (+29.5% YoY), and an all-time-high backlog of €154 billion—yet the stock fell 5% amid overvaluation worries. GE Vernova beat Q1 expectations and raised its 2026 guidance, while South Korea's KEPCO launched a domestic competitive tender for 500kV HVDC steel towers on the East Coast–Eastern Seoul transmission project.
Power Equipment & Transformer Industry Trends — 2026-05-19
Key Orders & Contracts (Top Orders)
KEPCO — 500kV HVDC Steel Tower Supply Tender (East Coast–Eastern Seoul Transmission Project)
- Equipment / Scope: 500kV high-voltage direct-current (HVDC) 1Bi-pole steel pipe towers, 2,027.66 metric tons
- Delivery / Scale: National competitive bid process; for the East Coast–Eastern Seoul transmission project
- Strategic Significance: A clear signal that South Korea is ramping up long-distance HVDC infrastructure. Domestic steel and tower manufacturers stand to benefit directly. Korea's grid investment acceleration is now confirmed amid the global HVDC boom.
OEM Announcements & New Products (Manufacturer Announcements)
Siemens Energy — Q2 FY2026 Results & €3 Billion Accelerated Share Buyback
- Key Announcement: Q2 FY2026 net profit surged 66%, new orders hit €17.75 billion (+29.5% YoY), beating consensus. All-time-high backlog of €154 billion achieved. Free cash flow (FCF) annual target doubled to €8 billion. €3 billion share buyback program accelerated. Full-year guidance raised across the board. Gamesa (wind division) uncertainty remains a lingering concern.
- Market Impact: Despite stellar results and record-breaking backlog, the stock fell 5% following a year-plus rally of over 100%, with concerns about overvaluation and profit-taking. Analysts have repeatedly raised price targets, reconfirming structural strength in power equipment demand.
GE Vernova — Q1 2026 Earnings Surprise & Raised Full-Year Guidance
- Key Announcement: Q1 2026 results significantly beat market expectations; full-year 2026 guidance raised. Gas turbine backlog surpassed 100 GW; grid and wind equipment orders also surged substantially. Stock price held above $1,000, hovering near all-time highs.
- Market Impact: GE Vernova's market share in power equipment and grid infrastructure continues to expand. A backlog exceeding $150 billion provides clear earnings visibility for years to come. Alongside Siemens Energy, a duopoly in global power infrastructure is deepening.
Hitachi Energy — Low-Carbon Copper Transformer Delivered to TenneT, Germany
- Key Announcement: As part of a framework agreement signed in 2023, Hitachi Energy completed manufacture and delivery of a 380 MVA power transformer with low-carbon copper to the Hardebek substation near Hamburg, Germany, for TenneT. The delivery supports TenneT Germany's supply chain carbon-reduction program.
- Market Impact: Hitachi Energy is cementing its leadership in low-carbon transformer manufacturing. As ESG regulations tighten, green transformer demand is rising—securing a competitive edge. The 380 MVA ultra-high-voltage transformer delivery demonstrates proven supply capability.
Market & Financials (Market & Financials)
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Siemens Energy: Q2 FY2026 orders €17.75 billion (+29.5% YoY), all-time-high backlog of €154 billion, FCF target doubled to €8 billion. Stock up 40% YTD before the recent 5.13% pullback; overvaluation debate persists.
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GE Vernova: Q1 2026 earnings surprise; 2026 guidance raised. Power and electrification backlog exceeds $150 billion. Stock at $1,071, near all-time highs.
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Siemens Energy India: Q2 FY2026 (quarter ending March 2026) revenue ₹2,394 crore (+27.4% YoY), net profit after tax ₹375 crore (+52.4% YoY). Strong growth tempered by elevated P/E multiple concerns.
Grid & HVDC Infrastructure Investment (Grid & HVDC Pipeline)
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South Korea / East Coast–Eastern Seoul HVDC Project: KEPCO opened a domestic competitive tender for 500kV HVDC 1Bi-pole steel pipe towers totaling 2,027.66 metric tons (as of May 18, 2026). This signals Korea's serious push into long-distance DC transmission infrastructure, with domestic tower and power equipment makers—such as Hyundai Electric, Hyosung Heavy Industries, and LS ELECTRIC—positioned to benefit.
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Germany / TenneT Grid Decarbonization Program: Hitachi Energy completed delivery of a 380 MVA low-carbon copper transformer under TenneT Germany's supply chain decarbonization framework. This dual-purpose project—merging REPowerEU energy transition demand with ESG supply chain mandates—is expected to set the bar for future green transformer procurement standards across Europe.
Supply Chain Watch (Supply Chain Watch)
The U.S. power transformer market faces a severe and persistent supply shortage. Lead times have stretched as long as four years, prompting power generators and grid developers to secure slots through early orders and premium imports. According to Hitachi Energy's transformer component delivery status (updated as of March 30, 2026), large orders can further strain delivery timelines. Rising raw material costs (electrical steel and copper) combined with manufacturing capacity constraints suggest transformer supply bottlenecks will persist through 2026.
Insights — What to Watch Next
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Siemens Energy Stock Direction: Monitor whether the 5% pullback following record orders and profit growth triggers a rebound or confirms overvaluation concerns. Watch for additional analyst price-target upgrades in the next 1–2 weeks and market reception.
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KEPCO HVDC Tender Results: Track the tender closing date and award results. Monitor domestic power equipment makers (Hyundai Electric, Hyosung Heavy Industries, LS ELECTRIC) for contract announcements.
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Low-Carbon (Green) Transformer Market Expansion: Hitachi Energy's TenneT low-carbon copper transformer delivery signals shifting procurement standards among European utilities. Watch for competitor responses from ABB and Siemens Energy on green transformer strategies.
Reader Action Items (Reader Action Items)
- Investment Angle: Consider scaling into Siemens Energy (SMNEY) and GE Vernova (GEV) on pullbacks amid valuation debate. Track backlog metrics and FCF improvement trends each quarterly earnings release.
- Monitoring Targets: Set alerts for KEPCO tender award results and Hyundai Electric and Hyosung Heavy Industries contract announcements. Follow TenneT and other European utilities' subsequent green transformer procurement.
- Deep Dive: Analyze how grid decarbonization trends (low-carbon copper, eco-friendly insulating oils in transformers) and ESG supply chain mandates shape transformer OEM procurement strategy. Reference Hitachi Energy's public materials and TenneT supply chain program reports.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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