Siemens Energy to discontinue support for new coal-fired power plants
Published by : Industrial Automation
The company will however continue its CO2-reducing service and solutions business.
November 10, 2020 – Siemens Energy has announced that it will discontinue the support for the development of new coal-fired power plants but 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 Limited as the Company currently does not have the competencies to provide utility equipment for new coal-fired power plants.
Siemens Limited 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 Limited'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 and Power (now Energy) was Rs 51,736 million, while Profit from Operations was Rs 6,949 million.
Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalisation in the process and manufacturing industries. Siemens brings together the digital and physical worlds to benefit customers and society. Through Mobility, a leading supplier of intelligent mobility solutions for rail and road transport, Siemens is helping to shape the world market for passenger and freight services. It is also a leader in solutions for transmission and generation of electrical power.