German ABB Pins Hopes on Renewables and Smart Grid

The German subsidiary of the power and automation technology company ABB is pinning its hopes on renewables and the smart grid.

Peter Smits, head of German operations, said the company would benefit in the medium-term from the trend towards renewables and the smart grid. With its broad product portfolio, ABB could meet varying customer demands. ABB did not offer turnkey solutions for power plants, but supplied inter alia control products and systems, drives, high, medium and low voltage products as well as transformers. In situations in which no new power plants were built, old ones had to be modernized. If more energy was imported from abroad it had to be transmitted. Offshore wind farms had to be connected to the grid and with more renewable energy being generated the demands on the grid were rising.

In 2009 the total order value declined by 11% compared with 2008. It came in at EUR 3.05 billion. Turnover decreased by 14% to EUR 3.18 billion. EBIT fell by 42% from EUR 373 million to EUR 217 million. ABB stressed that 2008 was an especially successful year. Overall, the company showed itself satisfied with the result for 2009, a difficult year for the the international economy.

Source: ABB, Frankfurter Allgemeine Zeitung, 31 March 2010, page 15

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