Siemens, ABB lead Euro push to secure US power grid upgrade deals

"We expect this week to put together a package we can offer the utility companies to repair and upgrade their transmission systems," Tom Garret, of Siemens' Power Transmission and Distribution Group, told the newspaper.

ABB said: "We are ready to act and stand by with our portfolio. We can provide the technology that is needed to improve the capacity of the power grid."

The cost of updating the US's power grid in the next 10 years has been estimated at up to 56 bln usd, according to the Edison Electric Institute, which represents US electricity producers.

Siemens, which has been pushing its way into the US market in the past few years, estimates it has the capacity to supply about half of the volume required to renew the grid, the newspaper added.