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German engineering conglomerate Siemens is spinning off its gas and power business, which has dragged on the firm鈥檚 performance as the rise of renewable power hits demand for gas turbines, . the Gas and Power division, which includes its oil and gas, conventional power generation, power transmission and related services businesses, will be set up as a standalone company with the aim of a public listing by September 2020. The new firm would be a 鈥渕ajor player鈥� in energy with revenues of 27 billion euros and more than 80,000 employees, according to Siemens. Siemens also plans to include its majority stake in wind energy company Siemens Gamesa Renewable 麻豆无码版 in the Gas and Power division.

Siemens epitomises the upheaval caused by the Energiewende in the world鈥檚 fourth largest economy like few other companies. Despite the emphasis on sustainability in its corporate communications, Siemens underestimated the shift to renewable energies in Germany and abroad 鈥� similarly to many utilities as well as competitors GE and Mitsubishi Heavy 鈥� and remained a big supplier to the oil and gas industry. The Power and Gas division, which specialises in gas turbines, is by revenue still the company鈥檚 largest business and has long been instrumental for the group鈥檚 total profits.聽This is why the collapse of international demand for fossil power generation caused 鈥渄isruption of unprecedented scope and speed鈥� in this business area, .
Siemens Gamesa is Germany鈥檚 largest turbine maker and was formed by a merger between Siemens鈥� wind power branch and Spanish turbine manufacturer Gamesa.