ABB Ltd. (ABB - Free Report) announced the commissioning of the East West Interconnector to the Irish transmission system operator, EirGrid. The 262 km stretch of cable system will connect Woodland in County Meath, Ireland and Deeside in north Wales. This new high voltage direct current (HVDC) is an interconnection between Ireland and the UK that primarily leverages wind energy and facilitates power flows between the two countries.
The interconnector has a capacity of 500 mega-watt (MV) and establishes an important link between the Irish and U.K. grids. It also facilitates cross-border power flows and enhances grid reliability and security of electricity supplies. The new link will also help power trading between the two countries, while connecting Ireland with the European grid. This is a vital link as while Ireland expands its wind power capacity, it can also export surplus electricity to the UK and can import power when required.
ABB is one of the leading providers of HVDC technology since the past 60 years and has received approximately 90 HVDC projects, reflecting a total installed capacity of more than 95,000 megawatts (MW). This is about half the global installed base. ABB is uniquely positioned in the industry with in-house manufacturing capability for power semiconductors, converters and high-voltage cables, the key components of HVDC systems.
Based in Zurich, Switzerland, ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering the environmental impact. ABB currently has a Zacks Rank #4 (Sell). However, some other stocks which are worth considering at the moment are Plug Power Inc. (PLUG - Free Report) , Rexnord Corp. (RXN - Free Report) and AO Smith Corp. (AOS - Free Report) . All the three have a Zacks Rank #2 (Buy).