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What Is Siemens Energy? CEO Tells All

September 3, 2020

The post What Is Siemens Energy? CEO Tells All appeared first on POWER Magazine.

Siemens announced the spinoff of its Power and Gas division on May 7, 2019. It was part of the company’s Vision 2020+ strategy. On Sept. 1, Siemens Energy laid out its post-spinoff plans during a virtual capital market presentation.

Siemens Energy’s Portfolio

Leading up to the event, Christian Bruch, who was appointed CEO of Siemens Energy on May 1, 2020, offered power industry media insight on the company. During the August 27 video conference with reporters, he said, “For me, it’s important that people really understand what we put together here, because it’s a quite unique company in terms of what the portfolio is—what the business is. So, for me, it’s really putting together a leader in the energy industry, which cuts across really from conventional generation to renewables from generation of electricity over transmission to storage or green hydrogen. So, it’s quite a diverse picture.”…

Siemens Gamesa Has New Head After Terminating CEO

June 18, 2020

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The post Siemens Gamesa Has New Head After Terminating CEO appeared first on POWER Magazine.

Siemens Gamesa Renewable Energy (SGRE) has announced Andreas Nauen, who has led the growth of the company’s offshore wind power business, is taking over leadership of the company after the board of directors and CEO Markus Tacke “mutally agreed to terminate” Tacke’s contract.

SGRE made the announcement June 17, saying Nauen immediately will assume the top post. The news came as the company said it will incur “additional project costs” in the third quarter of this year, as the impact of the COVID-19 pandemic continues.

“We’d like to thank Markus Tacke for his work over the past three years and, in particular, for the integration of Siemens Wind Power and Gamesa in the course of the merger,” said Miguel Angel López, chairman of the board of Siemens Gamesa, in a statement. The company said it will appoint a new CEO for its offshore division to replace Nauen “in due course.”…

Siemens Details Spinoff of Energy Business

May 26, 2020

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The parent of Siemens Energy on May 26 provided details of the planned spinoff of the company’s energy business, saying 55% of Siemens Energy will be spun off to Siemens’ shareholders. The company said Siemens shareholders would automatically receive one share of Siemens Energy AG for every two shares they own of the parent, Siemens AG.

The company in its news release Tuesday said Siemens AG plans to further reduce its stake in the new business within 12 to 18 months of the effective date of the spinoff. The company, like others in the power generation business such as General Electric and ABB, has been restructuring its operations as the global energy landscape continues to evolve, with an increased emphasis on renewable power and a lessening of dependence on fossil fuels. ABB in late 2018 announced Hitachi would acquire more than 80% of the company’s Power Grids unit in an $ 11 billion deal.…

COVID-19 Weighs on Siemens Gamesa Earnings

May 6, 2020

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Siemens Gamesa Renewable Energy (SGRE) on May 6 said delays to its renewable energy projects, in part due to supply chain disruptions from the coronavirus pandemic, will continue to negatively impact the company’s earnings this year.

The company reported its fiscal second-quarter earnings on Wednesday and said the COVID-19 outbreak “had a direct negative impact of €56 million [$ 60.63 million] on profitability, and intensified challenges experienced by the onshore business in India and Northern Europe.” SGRE reported that its margin on earnings before interest and tax (EBIT) fell to 1.5% in the first three months of this year, down from 7.5% in the year-ago period.

The wind turbine maker, which is scheduled to be merged into a larger Siemens entity later this year, said earnings fell despite the company’s build of a record-breaking order book for equipment and services. SGRE last month withdrew its earnings guidance for 2020; Vestas, the world’s largest wind turbine manufacturer along with SGRE, has done the same.…

GE, Siemens, Utilities Take Hits From Coronavirus

April 28, 2020

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U.S. power plant operators continue to change procedures at their facilities, including pushing back scheduled maintenance, due to lockdowns and quarantines associated with the coronavirus pandemic. The changes are impacting companies such as General Electric (GE) and Siemens, which are major service providers to power plants, at a time when these global companies already are taking a revenue hit due to COVID-19.

Maintenance of power plant generation equipment is a major revenue source for Siemens, GE, and other equipment manufacturers. GE’s aviation unit earlier this month announced it would furlough half of the division’s engine manufacturing workers, idling thousands of staff for as much as four weeks. That announcement came a few weeks after the company said it would cut 10% of the workers in that unit, or about 2,600 jobs. The company’s aviation business is struggling as airlines worldwide reduce orders, with many airlines simply parking planes due to the global collapse in air travel.…

Siemens Will Cut Another 2,700 Jobs; GE Announces Cuts in Switzerland

June 19, 2019

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Siemens on June 18 said it would cut 2,700 jobs from its Gas and Power division, on top of 10,400 positions the German engineering firm last month said it would jettison as part of cost-cutting measures.

The Siemens’ announcement comes one day after U.S.-based rival GE said it would cut 450 jobs at two of its manufacturing sites in Switzerland.

Siemens in May said it would spin off and give up its majority stake in its Gas and Power unit, which includes its power generation, transmission, oil and gas, and related services businesses. The company in that announcement, which it said is part of its Vision 2020+ strategy, also said it was transferring its 59% stake in Siemens Gamesa Renewable Energy (SGRE) to the new business.

Investors have cheered Siemens’ restructuring, with the company’s stock gaining about 9% this year.

Lisa Davis, head of the Gas and Power division, in a statement Tuesday said, “The planned measures will help us create more opportunity for growth and the security that comes from being a competitive player in the energy market.”…