Siemens Faces Energy Woes, Affecting $10 Billion of U.S. Projects

July 6, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Siemens AG (Munich, Germany) is struggling with the performance of Siemens Energy AG, two years after the former subsidiary was spun off from the rest of the corporation. Siemens executives said they "clearly intend" to reduce their remaining 35% stake in Siemens Energy, which manufactures the widely used Gamesa turbines for windfarms.

Industrial Info is tracking nearly $10 billion worth of active projects across the U.S. that use, or are proposed to use, Gamesa technology. About $2.2 billion worth involve Siemens Energy as an owner or contractor. Two Texas-based projects employing Siemens Gamesa wind turbines are in their final commissioning stages and are nearing startup; Iowa, one of the top U.S. destinations for windfarm projects, expects to see another start up this summer. Siemens also has a foothold in the growing U.S. market for offshore-based wind energy.

Other companies featured: Enel SpA, Electricite de France S.A., Nordex S.E., Uber (NYSE:UBER), Berkshire Hathaway Incorporated (NYSE:BRK.A), Algonquin Power & Utilities Corporation (NYSE:AQN), Ørsted A/S and Eversource Energy (NYSE:ES).