Siemens Energy to discontinue support to new coal-fired power plants
- November 11, 2020
Siemens Energy has announced that it will discontinue the support for the development of new coal-fired power plants.
However, it will continue to offer bridging technologies like gas-fired plants and components for efficient combined heat and power (CHP), waste heat and biomass co-firing projects as also continue its CO2-reducing service and solutions business.
These technologies include sector coupling to drive the energy transition and thus support the reduction of global warming, with Power-to-X solutions and green hydrogen as the main elements.
The above decision does not have a material impact on the revenues or profit of Gas and Power (now Energy) business within Siemens Ltd as the company currently does not have the competencies to provide utility equipment for new coal-fired power plants.
Siemens Ltd will explore opportunities to further deepen its collaboration with Siemens Energy in the new business areas, to provide reliable, affordable and sustainable energy in India.
Siemens Ltd’s revenue for the year ended September 2019 was Rs.136,838 million and profit after tax for the period was Rs. 10,869 million. The revenue of Gas & Power (now Energy) was Rs.51,736 million, while profit from operations was Rs. 6,949 million.
T&D India adds
“Siemens Gas & Power” is now known as “Siemens Energy”. Also, Siemens Ltd referred to in this news item refers to the Indian arm of Siemens AG.
Recently, GE also announced that it would exit the new coal-build business. The impact of this decision on its Indian arm, GE Power India Ltd (GEPIL) has been analysed by T&D India in a special report, which can be accessed here.
Featured photograph showing a coal-fired power plant is for illustration only.
