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 company said in a press release on Tuesday.
The decision will, however, not have a material impact on the revenues or profit of gas & power (now energy) business within Siemens Ltd as the company currently does not have the competencies to provide utility equipment for new coal-fired power plants.
Siemens Ltd 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 Ltd’s revenue for the year ended September 2019 was Rs 136.838 billion and profit after tax for the period was Rs 10.869 billion. The revenue of gas & power was Rs 51.736 billion, while profit from operations was Rs 6.949 billion.