Siemens Energy was born from a divorce: in 2020, Siemens spun off its entire energy business — gas and steam turbines, wind power, grid technology, and industrial applications — into an independent company, giving it the freedom to compete (and fail) on its own. The new company inherited a portfolio that powers much of the modern world: Siemens gas turbines generate electricity in hundreds of power plants, and its high-voltage direct current (HVDC) technology transmits power across continents.
The business has three pillars: gas services (turbines and their long-term maintenance contracts), grid technologies (transformers, switchgear, and the HVDC systems that connect offshore wind farms to the grid), and Siemens Gamesa — its wind turbine business and the source of its biggest headaches, with quality problems in onshore turbines that have forced massive write-downs and restructurings.
With about 96,000 employees and annual revenue near €33 billion, Siemens Energy is a bet on the energy transition: its grid business is booming as the world electrifies, its electrolyzer business (hydrogen production) is growing, and its turbine service contracts generate steady recurring revenue. For utilities and energy developers, Siemens Energy is one of the few companies that can deliver the entire power chain — from turbine to transmission line.
