Siemens Energy to discontinue support for new coalfired power plants

Siemens Energy today announced that it will discontinue the support for the development of new coalfired power plants but will continue to offer bridging technologies like gas-fired plants and components for efficient combined heat and power (CHP), waste heat and biomass co-firing projects as also continue its CO2-reducing service and solutions business. These technologies include sector coupling to drive the energy transition and thus support the reduction of global warming, with Power-to-X solutions and green hydrogen as the main elements.

The above decision does not have a material impact on the Revenues or Profit of Gas and Power (now Energy) business within Siemens Limited as the Company currently does not have the competencies to provide utility equipment for new coal-fired power plants.

Siemens Limited will explore opportunities to further deepen its collaboration with Siemens Energy in the new business areas, to provide reliable, affordable and sustainable energy in India.

Siemens Limited's Revenue for the year ended September 2019 was Rs. 136,838 million and Profit after Tax for the period was Rs. 10,869 million. The Revenue of Gas and Power (now Energy) was Rs. 51,736 million, while Profit from Operations was Rs. 6,949 million.

Shares of SIEMENS LTD. was last trading in BSE at Rs.1357.55 as compared to the previous close of Rs. 1349.25. The total number of shares traded during the day was 28341 in over 1928 trades.

The stock hit an intraday high of Rs. 1374.75 and intraday low of 1351.25. The net turnover during the day was Rs. 38575494.

Source : Equity Bulls

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