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Siemens Energy continues its transformation towards a more sustainable portfolio

The group, which also released fourth-quarter results for the first time since its spin-off from former parent Siemens in September, said it would now review the impact of its decision on employees and sites.

November 10, 2020. By News Bureau

FRANKFURT - Siemens Energy, which builds steam turbines for power plants, will no longer bid in tenders for stations powered by coal, it said on Tuesday.

The group, which also released fourth-quarter results for the first time since its spin-off from former parent Siemens, in September, said it would now review the impact of its decision on employees and sites.

“Accompanying its customers on the path of energy transformation and providing the necessary technologies and solutions – that is the mission of the company,” the group said.

“With this step, Siemens Energy continues its transformation towards a more sustainable and growth-oriented portfolio.”

Siemens Energy, which owns 67% in wind turbine maker Siemens Gamesa SGREN.MC, said fourth-quarter earnings before interest, tax and amortisation (EBITA) before special items fell 87% to 70 million euros ($83 million) due to impairments and restructuring costs.

It still expects 2021 sales to grow 2%-12% and adjusted EBITA before special items to rise by 3%-5%.

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