Siemens Eyes U.S. Power Market as Grid-Service Needs Pile Up

Researched by Industrial Info Resources (Sugar Land, Texas)--Siemens (Munich, Germany) is the latest energy titan to embrace the U.S. power market in the wake of last year's Inflation Reduction Act (IRA). The company estimates U.S. power grids will require roughly $2 trillion in investments by 2050 to integrate renewable, hydrogen and other emerging technologies, and it is looking into establishing a domestic presence to address these growing needs.

Industrial Info is tracking nearly $50 billion worth of active or proposed projects in the U.S. Power Industry that have signed, or are considering, Siemens as a service provider; more than $20 billion is attributed to projects with a medium-to-high (70% or more) likelihood of beginning construction as planned. Siemens already is heavily involved in one of the most ambitious renewable-energy projects under construction in the Western U.S.: The 732-mile TransWest Express Transmission Project, which will carry 3 gigawatts (GW) of energy from a massive windfarm complex in Wyoming to neighboring states and California.

Other companies featured: Siemens Gamesa, MidAmerican Energy Company, Berkshire Hathaway Incorporated (NYSE:BRK.A), Northern California Power Agency, Korea Southern Power Company Limited and Korea Overseas Infrastructure and Urban Development Corporation.