Mitsubishi Electric seeks to expand North American grid foothold
Utility Dive · Brian Martucci ·
In August, the Japanese conglomerate said it would spend $1.4 billion to buy PCI Energy Solutions, whose platform manages about 60% of U.S. power generation.
On Friday, Mitsubishi Electric reported a 20% year-over-year revenue increase in its utility-facing business segment as it prepares to launch an electrical components joint venture with fellow industrial firm ABB and acquire an energy management software provider to boost its exposure to North American wholesale power markets.
On Aug. 20, the Japanese conglomerate said it would spend $1.4 billion to buy PCI Energy Solutions. PCI supports utilities, independent power producers and other wholesale market participants in bulk power trading and settlement, generation and transmission operations, supply-demand planning and risk management, Mitsubishi Electric said.
About 60% of U.S. power generation is managed by PCI’s platform, according to Mitsubishi Electric.
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