Siemens Energy
| Company type | Public company |
|---|---|
| Industry | Electrical engineering, energy technology |
| Founded | 2020 |
Key people |
|
| Revenue | €34.5 billion (2023/24) |
Number of employees | approx. 98,000 (2023/24) |
| Website | siemens-energy.com |
Siemens Energy AG is a publicly listed electrical and energy technology manufacturer with its administrative headquarters in Munich and corporate headquarters in Berlin. Its portfolio includes power generation, energy transmission, and industrial solutions in both conventional and renewable energy sectors. Activities in the renewable energy sector are managed by its subsidiary Siemens Gamesa.
Siemens Energy was created through a spin-off from Siemens. Shares of the new company have been traded on the stock exchange since September 2020. As of February 2025, Siemens still holds about 15% of the shares.[1]
History
The energy division has been an essential part of the Siemens Group since its founding by Werner von Siemens and Johann Georg Halske. Key organizational milestones include the founding of Siemens-Schuckertwerke in 1903, the Energy Technology division (see KWU) in the newly founded Siemens AG in 1969, and the bundling of activities in the Energy Sector in 2008 (see Introduction of sectors and the CEO principle (2008)).
In November 2023, the German government granted Siemens Energy a federal guarantee of €7.5 billion.[2][3]
Foundation
Siemens Energy was created in April 2020 through a restructuring of the Siemens Group.[4] Siemens AG transferred its energy division into this new independent company. Until March 31, these activities were organized as the Operating Company "Gas and Power" and the independent Strategic Company "Siemens Gamesa Renewable Energy." Both were integrated into the new company.[5]
About six months before the planned spin-off, it was announced that Christian Bruch from Linde would become CEO of the new company. Then Siemens CEO Joe Kaeser became Chairman of the Supervisory Board of Siemens Energy.[6]
At an extraordinary general meeting of Siemens on July 9, 2020, shareholders voted in favor of the spin-off of Siemens Energy.[7]
In September 2020, CEO Christian Bruch announced that the corporate headquarters with executive management would be located in Berlin. The administrative headquarters remains in Munich.[8][9]
In March 2021, Siemens Energy's stock was added to the DAX index, after initially being listed on the MDAX from December 21, 2020.[10]
Shortly after the spin-off, plans were announced to cut 7,000 out of approximately 90,000 jobs worldwide.[11]
In March 2022, Siemens Energy's stock dropped out of the DAX and returned to the MDAX, before rejoining the DAX on September 19, 2022.[12]
Conflict over Nord Stream 1
In June 2022, Siemens Energy gained media attention in connection with the delivery of a gas turbine for the Nord Stream 1 pipeline. After maintenance work in Canada, the turbine was initially not returned due to sanctions imposed following Russia's war of aggression against Ukraine.[13]
The Russian company Gazprom, which operates the pipeline, used the missing turbine as a justification to reduce gas deliveries to Germany to 20% of the normal level. However, German authorities and Siemens Energy stated that the turbine was not essential for continued operation at full capacity. After consultations with the German government, the Canadian government issued an exemption and allowed the turbine to be delivered to Germany, from where it was to be transported to Russia. Gazprom, however, delayed acceptance and installation, citing various technical reasons.[14]
Structure
The company is divided into several business areas:
- Gas Services (GS)
- Grid Technologies (GT) – formerly Transmission
- Transformation of Industry (TI) – formerly Industrial Applications
- Siemens Gamesa Renewable Energy (SGRE) – wind energy (onshore and offshore)
Locations
The company is headquartered in Munich (administrative HQ) and Berlin (corporate HQ). Major locations include:
- Berlin – manufacturing of large gas turbines
- Erlangen – engineering and management center
- Mülheim an der Ruhr – turbine and generator production
- Hamburg – headquarters of Siemens Gamesa
- Görlitz, Leipzig, Frankfurt am Main, Essen, Offenburg, and Nuremberg – various engineering, production, and service locations
International locations include:
- Charlotte, North Carolina (USA)
- Orlando, Florida (USA)
- Finspång (Sweden)
- Guanghan (China)
- Vadodara (India)
As of early 2025, Siemens AG holds around 15% of Siemens Energy shares.
Financials
For fiscal year 2023/24, Siemens Energy reported:
- Revenue: €34.5 billion
- Employees: approx. 98,000
See also
References
- ↑ Julian Schick: Siemens cashes in and divests Siemens Energy shares. In: wallstreet-online.de. January 30, 2025 , accessed February 1 , 2025 .
- ↑ ORF at/Agenturen red: Guarantee of 7.5 billion: Germany supports Siemens Energy. November 14, 2023, accessed November 15, 2023.
- ↑ State guarantees billions for Siemens Energy. Retrieved November 15, 2023.
- ↑ Siemens Energy Annual Report 2023. (PDF) Siemens Energy AG, accessed on February 2, 2025.
- ↑ Siemens builds focused energy giant. Siemens AG, accessed November 16, 2019.
- ↑ Senvion: Sensational shock at Siemens - Sen quits shortly before IPO. In: www.manager-magazin.de. Retrieved on March 21, 2020.
- ↑ Extraordinary General Meeting of Siemens AG. At: www.siemens.com. Accessed on September 28, 2020 .
- ↑ Siemens Energy is moving to Berlin. In: n-tv.de. September 24,2020 , accessed September 25, 2020 .
- ↑ Siemens Energy returns to its roots. Retrieved September 26, 2020.
- ↑ Siemens Energy AG to be included in MDAX. December 3, 2020, accessed December 4, 2020 (American English).
- ↑ Caspar Busse, Thomas Fromm: Siemens Energy: Wind turbine manufacturer Gamesa is becoming a permanent problem. August 1, 2021, accessed September 12, 2024.
- ↑ INDEX MONITOR: Siemens Energy replaces Hellofresh in the DAX starting today. Retrieved September 19, 2022.
- ↑ EU: Nord Stream 1 shut down under "false pretexts." In: rtl.de. September 2,2022, accessed September 3, 2022.
- ↑ CEO Christian Bruch in an interview with SPIEGEL , issue no. 40, October 1, 2022, p. 64.
