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Siemens Energy exits coal; India entity not to see much impact in business

Germany’s Siemens Energy said on Tuesday it would not take up new projects supporting coal-fired power stations in India, following USA’s General Electric in announcing a no-coal strategy globally.

Siemens Energy builds steam turbines for power plants, but that business is not big for it in India. Siemens Energy, which is part of Siemens Ltd, said it would discontinue support for development of new coal- fired power plants.

The company would 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, it said in a statement issued post the global announcement.

“The decision does not have a material impact on the revenues or profit of gas and power (now energy) business within Siemens Limited as the company currently does not have the competencies to provide utility equipment for new coal-fired power plants,” said the statement. Siemens Ltd’s revenue for the year ended September 2019 was Rs 13,684 crore and profit after tax for the period was Rs 1,088 crore. The revenue of gas and power, which is part of Siemens Energy, was Rs 5,174 crore, while profit from operations was Rs 695 crore.

Siemens Energy owns 67 per cent of wind turbine maker Siemens Gamesa, giving it a foothold in sustainable power. Siemens Ltd is also on its own in solar, hydrogen, hydropower, biomass and wind energy solutions.

Source
business standard
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