Siemens Energy Prioritizes Grid Business With $1.6 Billion Investment

Siemens Energy is prioritizing its grid expansion business over wind power, allocating some $1.6 billion 1.5 billion euro in investments over the next six years, the Financial Times has reported. The six-year expansion plan will require a major boost to the company’s workforce with 10,000 new hires planned, the Financial Times reported. Grid upgrades and expansion are a top priority for transition-focused governments given the fact that electrification is at the heart of said transition.

and the European grid upgrade pie. “We see this huge boom coming,” the head of Siemens Energy’s grid business, Tim Holt, told the Financial Times in an interview, citing projections of stronger electricity consumption, the buildout of new wind and solar capacity that would need to be connected to a grid that can take it, and aging grid infrastructure that needs replacing.

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