Mitsubishi Electric infrastructure revenue rises 20% before PCI close

Mitsubishi Electric's Infrastructure segment took in ¥379.7 billion in the fiscal second quarter, up 20% from ¥316.4 billion a year earlier, the company said on Friday. The segment, which houses most of the company's work for utilities and large power consumers, will absorb the company's $1.4 billion purchase of PCI Energy Solutions, announced Aug. 20 and expected to close by the end of 2026.

Mitsubishi Electric said about 60% of U.S. power generation is managed on PCI's platform. PCI supplies software for bulk power trading and settlement, generation and transmission operations, supply-demand planning and risk management to utilities, independent power producers and other wholesale market participants. The company said the deal addresses a bulk power system shaped by rising renewable generation, distributed energy resources, greater market volatility and higher electricity demand.

PCI's revenue will consolidate into an Infrastructure segment that grew 20% in the fiscal second quarter once the purchase closes, which Mitsubishi Electric expects by the end of 2026.

Within Infrastructure, Public Utility Systems revenue rose 13% and Energy Systems 18%. The two units account for about 70% of segment revenue, with Defense and Space Systems making up the remainder. Mitsubishi Electric attributed Public Utility Systems' growth to large-scale uninterruptible power supply projects outside Japan, and Energy Systems' growth to renewable energy deployment and higher data-center investment.