According to the latest news, the senior leadership of Siemens Energy, especially Tim Holt, the leader of the grid technology division, told the Financial Times in a recent interview that the company plans to inject strong momentum into the grid sector in the next few years, and expects to recruit more than 10,000 new employees. It aims to establish the power grid division as the core growth engine for Siemens Energy over the next 15 years and is expected to become the company's top revenue unit by 2030.

o achieve this goal, Siemens Energy plans to invest up to 1.2 billion euros to build new plants and increase production capacity worldwide, especially in the United States, Europe and Asia. Europe will account for about 40 per cent of the new jobs, while the US and India will each account for 20 per cent, with the rest spread across countries and regions in Asia and Latin America.

Regarding the specific participation in the Chinese market and the implementation details, Siemens Energy (China region) is currently cautious, saying that there is no more information to disclose.

Mr. Holt stressed that the rapid growth of global electricity demand, the rise of new energy projects and the replacement of old grid facilities, together constitute a strong driving force to promote the surge in demand for grid equipment. "We are at the beginning of an unprecedented boom," he said with confidence, adding that the market is ready for this wave of grid construction.

According to the data, the Siemens energy grid division achieved a significant leap in order volume between 2021 and 2023, from 7 billion euros to 15 billion euros, and in the first half of this year, it has won 12 billion euros of orders. Holt predicts that in the next 15 years, the scale of global investment in power grids will rival that of the past century and a half combined, showing a very broad prospect for development.

However, he also admitted that in the face of the capital market's cautious attitude towards energy transition investment, the expansion plan may face financing challenges. "The market environment is increasingly challenging, but we will actively seek innovative ways to finance it," said Holt, who is confident that Siemens' energy grid technology business will be able to overcome all obstacles.

In 2023, Siemens Energy Grids has achieved revenues of 7.2 billion euros, and this year has set an ambitious target of 30 percent revenue growth. Looking ahead to 2030, the division has set an even more ambitious revenue target of 18 billion to 20 billion euros.

In the context of the global energy revolution, the demand for power grid equipment continues to rise. According to Bloomberg New Energy Finance (BNEF), total global power grid investment will reach a staggering $21.4 trillion between 2022 and 2050. Under the net-zero emissions vision, grid investment is expected to nearly triple to $871 billion by 2050 compared to 2022.

Siemens power grid engineering department as a leader in the global transmission equipment manufacturing industry, second only to Japan's Hitachi Energy, its technical strength and market position is self-evident. Since its independence from the Siemens Group in July 2020, Siemens Energy has continued to develop traditional and renewable energy technologies, covering gas turbines, steam turbines, hydrogen hybrid power plants, generators and transformers, wind power and other fields, and the current number of employees is close to 100,000.

It is worth mentioning that although Siemens Energy has encountered challenges in the wind power field, it has gradually emerged from the difficulties through a series of reform measures, including Siemens Gamesa's comprehensive restructuring and layoffs plan. The company said that in the future, the onshore wind business will focus on the European and US markets, and evaluate the development strategy in other regions based on the economic benefits.

According to the latest financial report, Siemens Energy's revenue in the second quarter of the fiscal year 2024 increased by 3.7% year-on-year to 8.3 billion euros, achieving a profit and a net income of 108 million euros. The power grid technology and industrial transformation businesses were the main drivers of growth, and the overall performance showed solid growth despite a decline in order volumes in other business units.

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