A key milestone on the way to independence: Siemens Energy presented its new management team to its employees today. In addition to an Executive Board, the company will have an expanded international management team, the Group Management Committee. Once Siemens Energy becomes a legally separate entity, this team will be instrumental in implementing the company’s strategic approach. “Announcing the management team is a further critical step on the way to becoming an independent company and an energy pure play. It will enable Siemens Energy to further develop its management system and then focus fully on the requirements of its customers and markets,” said Joe Kaeser, President and CEO of Siemens AG.
- Business to be officially renamed as
of April 2020
- Employees’ favorite selected
At an internal management conference, Siemens today announced the name of the new energy company that it is creating. The business, which combines the worlds of conventional and renewable energy and is to become an independent company in the future, is to be called Siemens Energy. The new name will officially take effect once the energy business becomes a separate legal entity, which is expected to happen in April 2020. Siemens Energy is to be spun off as a publicly listed company by September 2020. Its offerings will address a significant portion of the value chain across the oil and gas, power generation, and power transmission segments, including the related service activities. On a pro-forma basis, Siemens Energy generates about €27 billion in revenue and has some 88,000 employees worldwide as well as an order backlog of €70 billion. Today, 20 percent of the world’s energy supply is already based on Siemens technology.
- Facilities in Baiji will power Iraq’s biggest refinery and deliver
electricity to thousands of homes in liberated areas
- Siemens equipment includes E-class gas turbines, substations and
generators
- Project is start of Phase 2 of Siemens’ Roadmap for Iraq and will be
completed 28 months after financial closing by Iraq’s government
Siemens
and Orascom Construction signed an agreement with Iraq’s Ministry of
Electricity to rebuild Baiji 1 and Baiji 2 power plants in northern Iraq. The
plants will have a combined generation capacity of 1.6 gigawatts (GW) when
completed and are a major step in Siemens’ roadmap for rebuilding Iraq's power
sector that has already added more than 700 megawatts to Iraq’s grid.
- Comprehensive concept for the development of the energy sector of
Nigeria
- Goal is to secure reliable and affordable electricity supply
- Scope includes rehabilitation, upgrades and expansion of
transmission and distribution networks and power generation
Siemens and the Federal Government of Nigeria signed an implementation
agreement for the Nigeria Electrification Roadmap. The goal of the Roadmap is
to resolve existing challenges in the power sector and expand the capacity for
the future power needs of the country. The document was signed by Joe Kaeser,
President and CEO of Siemens AG, Onyeche Tifase, CEO of Siemens Limited and Alex
Okoh, Director General/CEO of Bureau of Public Enterprises in Abuja in the
presence of Muhammadu Buhari, President of Nigeria.
- Siemens announces projects to be supported in the Third Funding
Round
- Up to US$ 30 million in funding to be awarded
- Siemens Integrity Initiative's
funding volume exceeds US$ 100 million
As part of the Siemens Integrity Initiative, which has a funding volume
of more than US$ 100 million, Siemens AG has named new projects to receive
funding in order to promote corruption-free markets.
- Kayser
to take on new role at beginning of 2020
- Current
head, Jochen Eickholt, is moving to Siemens Energy
Horst J. Kayser
(58) will be the new Chairman of the Siemens Portfolio Companies (POC),
effective January 1, 2020. In this capacity, he is succeeding Jochen Eickholt, who
is becoming a member of the future Executive Board of Siemens Energy, where he
will be responsible for the Power Generation and Oil & Gas units. Kayser is
currently still Head of Strategy at Siemens AG. Until further notice, he will
continue to lead this department on an acting basis in addition to his new role.
As POC Chairman, Kayser will report directly to Deputy CEO Roland Busch.
- Digital solutions provide for improved operational efficiency and reduced emissions
Siemens will equip Lalitpur Power Generation Company Limited (LPGCL), a Bajaj Group company, with advanced digital solutions for its power plant located in Lalitpur, Uttar Pradesh, India.
- Siemens
industrial gas turbines will provide peaking power to help improve the
reliability and flexibility of the Belarusian power grid
Siemens will deliver the power generation equipment for two
new peaking power plants in the Republic of Belarus. The customer is the
state-owned utility company RUE Vitebskenergo. The new plants will be operated in
conjunction with the existing Lukomlskaya and Novopolotskaya power
plants in
the Vitebsk region in northern Belarus and will help ensure the
reliability and flexibility of the country’s power grid. The plants are expected to go into
operation in the end of 2021.
- Managing Board members’ individual
responsibility to have greater weight
- In addition to capital market
performance, sustainability targets included for first time
- Contractual maximum compensation
agreed
- New compensation system makes
Siemens a pioneer among DAX companies
Siemens intends
to adjust the compensation system for its Managing Board members in order to
align the system more closely with the company’s sustainable development and
thus with the Vision 2020+ company strategy. By implementing the new system, Siemens
is taking on a pioneering role because the new approach already reflects the
draft version of the German Corporate Governance Code of May 9, 2019, and the
draft version of the act transposing the European Union’s Second Shareholder
Rights Directive into German law. In addition, the new concept not only
considers performance on the capital market, but also places emphasis on
targets for environmental protection, professional development of employees and
customer satisfaction. In the future, the broad-based MSCI World Industrials
Index – instead of a comparison with five main competitors – will be the yardstick
for the comparisons that determine the value of the stock awards. The new Managing
Board compensation system, which already applies as of fiscal 2020, will be
submitted to shareholders for endorsement at the Annual Shareholders’ Meeting on
February 5, 2020.
- Cooperation aims to test renewable fuels at the Rya CHP plant located in the energy port of Gothenburg
- First phase with Göteborg Energi is to validate 3D-printed burners at the Rya plant
By 2030, the ambition is that all district heating in Gothenburg, Sweden, will be produced by renewable or recovered energy sources. With this in mind Göteborg Energi and Siemens have come together in a cooperation agreement with the aim of testing state-of-the-art gas turbine technology that enables the operation of renewable fuels in the Rya combined heat and power (CHP) plant, which is today powered by natural gas.