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In July 2020, ABB divested its power grid business and sold 80.1% of that to Hitachi Ltd., leading to the formation of Hitachi ABB Power Grids. [1] In October 2021, Hitachi ABB Power Grids changed its company name to Hitachi Energy. In December 2022, it was confirmed that Hitachi acquired the remaining 19.9 percent shares from ABB Ltd. [2]
ABB's divestment of an 80.1% stake in the Power Grids business will help it concentrate on core operations. Also, net proceeds are likely to be used for rewarding shareholders through share buybacks.
The electric power transmission grid of the contiguous United States consists of 120,000 miles (190,000 km) of lines operated by 500 companies. The electrical power grid that powers Northern America is not a single grid, but is instead divided into multiple wide area synchronous grids. [1]
In December 2018, Hitachi Ltd. announced it would take over 80% of ABB's power grid division for $6.4 billion [58] renaming it Hitachi-ABB Power Grids in the process. [59] In October 2021, the enterprise was rebranded Hitachi Energy. [60] In 2019, Hitachi sold its medical imaging business to Fujifilm for US$1.7 billion.
ABB exercises its call option to exit the remaining 20% stake in Hitachi Energy joint venture. The company does not expect to record any material gain or loss from the sale.
Ericsson (ERIC) will deploy its 5G-ready Industry Connect technology for smart factory connectivity in ABB Power Grid as part of the latter's digitization process.
In December 2018, ABB and Hitachi announced that the latter would take over ABB's entire Power Grids division in exchange for roughly $6.4 billion. Hitachi officially acquired 80.1% of the business in July 2020. Initially known as Hitachi ABB Power Grids, the new Hitachi subsidiary was rebranded as Hitachi Energy in October 2021. [85]
Within these physical grids, there are Independent System Operators and Regional transmission organizations, which are not-for-profit organizations that operate an area of the grid and are obliged to provide indiscriminate access to various suppliers (e.g. power plant owners, transmission line providers) to promote competition.