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• HVDC technology connects electricity grids of Ireland and France for the first time
• Exchange of electricity up to 700 megawatts in both directions
• Improved security of supply, better integration of renewables and reduction of electricity costs

Siemens Energy will deliver the high-voltage direct current (HVDC) transmission technology for the Celtic Interconnector, an electricity highway between France and Ireland. It will be the first connection between the Irish grid and Continental Europe. The project will strengthen the security of electricity supply in both countries and facilitate the integration of renewable energy sources into the European electricity grid. The order value for Siemens Energy is in the mid three-digit million-euro range. The interconnector is jointly developed by EirGrid, the electricity transmission system operator in Ireland, and its French counterpart, RTE.

• The new equipment in EnBW’s Stuttgart-Münster district heating power plant will be H2-ready for up to 100 percent hydrogen
• Siemens Energy is supplying cutting-edge turbine technology

EnBW and Siemens Energy are jointly driving the trend of using green hydrogen as a climate-friendly fuel in future power plants. One important pilot project is the EnBW district heating power plant in Stuttgart-Münster, Germany, where natural gas is expected to initially replace coal in approximately three years. All systems are constructed from the very beginning in such a way that the natural gas can be replaced with hydrogen as quickly and completely as possible. Two cutting-edge SGT-800 gas turbines from Siemens Energy are at the heart of the installation. The agreement on the overall package was sealed today in Stuttgart. The project in the Baden-Württemberg capital is thus taking on a pioneering role nationwide.

• Strong demand at Gas and Power countered by operational problems at Siemens Gamesa
• Adjusted EBITA before special items of €379 million, margin at 1.3%
• Revenue increased nominally by 1.8%, order backlog with €97.4 billion at new record
• Transformation continues to create a more agile and transparent organization
• Due to net loss and expected challenges, no dividend proposed for 2022 fiscal year

In times of geopolitical and macroeconomic challenges, Siemens Energy demonstrated resilience. Its Gas and Power segment (GP) delivered a solid performance characterized by strong orders and increased profitability year-over-year. However, Siemens Energy’s overall performance was held back by the negative development at Siemens Gamesa Renewable Energy (SGRE). Siemens Energy largely met its adjusted guidance. While the Adjusted EBITA margin before special items fell slightly short of expectations, Siemens Energy recorded a lower-than-expected net loss and a significantly higher free cash flow pretax.

Christian Bruch, President and Chief Executive Officer of Siemens Energy AG: “In a challenging year we managed to again deliver solid results in our Gas and Power segment, while SGRE did not meet expectations. At Gas and Power, our operational excellence program is showing results. It was also important that we aligned our group structure with future needs. We will provide more transparency about business performance and flatter hierarchies give us the ability to take decisions faster. The integration of SGRE will help to improve profitability at our wind business and allow it to deliver to its full potential”

Maria Ferraro (49) and Tim Holt (53) will serve on the Managing Board of Siemens Energy for another five years. The Supervisory Board has prematurely extended their mandates, which expire at the end of September 2023, until the end of November 2027.

Following the authorization from Spain's National Securities Market Commission ("CNMV") of the voluntary cash tender offer of Siemens Energy Global GmbH & Co. KG (“Siemens Energy”) over the 32.9% of Siemens Gamesa Renewable Energy, S.A., (“Siemens Gamesa”) share capital that it does not already own (the “offer”) and yesterday's publication of the required regulatory public announcement by the offeror, the acceptance period of the offer starts today. 

Spain’s National Securities Market Commission (“CNMV”) has today authorised the voluntary cash tender offer of Siemens Energy Global GmbH & Co. KG (“Siemens Energy”) for the 32.9% of Siemens Gamesa Renewable Energy, S.A., (“Siemens Gamesa”) share capital that it does not already own (the “Offer”). Following a settlement of the offer, Siemens Energy, if it achieves at least 75% of the capital, intends to pursue a delisting of SGRE from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index. 

•  “Brain” for 900-megawatt EnBW He Dreiht wind farm in the North Sea
• Provision of control technology, central IT network, cybersecurity solutions, and long-term service
• Contributes to carbon neutrality in the power supply 

Siemens Energy is supplying its control system to an offshore wind farm for the first time. The system which has already been established in conventional power plants, will be the “brain” of the 900-megawatt EnBW He Dreiht wind farm being built approximately 90 kilometers northwest of the German North Sea coast off the island of Borkum. Along with the control technology for switchgear and secondary systems, Siemens Energy is supplying the central IT network, including cybersecurity solutions, and has also signed a long-term service agreement with EnBW. 

Siemens Energy AG intends to appoint KPMG as independent auditor for the annual and consolidated financial statements starting with fiscal year 2024. The company plans to submit a corresponding proposal to be voted on by its shareholders at the Annual General Meeting for fiscal year 2024. This has been approved by the Supervisory Board of Siemens Energy AG in the meeting on September 21st based on the recommendation of the Audit Committee.