Despite dubious past experience with the countries of the Middle East and North Africa region, in November 2021 the German government signed a declaration of intent with the United Arab Emirates covering the establishment of an Emirati-German task force for hydrogen and synthetic fuels. The deal was given the seal of approval in Dubai by Andreas Feicht, the former state secretary to the German economy minister, and Suhail Al Mazrouei, the UAE energy minister. The agreement, which proposes greater collaboration between the two countries on green hydrogen, was preceded by an initial electrolyzer pilot project conducted by Siemens Energy and the Dubai Electricity and Water Authority in May 2021.
If you read about any of the major hydrogen projects underway, you will be unable to avoid Siemens Energy. Orders like the recent ones worth EUR 700 million should be on the agenda. Even the problems with its wind power subsidiary Gamesa seem solvable because – regardless of short-term problems (price increases in raw materials and component shortages) – the market is growing strongly. Here, I would venture to suggest to the company that it integrates wind farms into existing projects and offerings via Power Purchase Agreements, or PPAs, from the outset. Then you would be able to view a wind farm from a different return perspective and margin. (more…)
Siemens Energy CEO Christian Bruch put it clearly in an interview to members of the German Hydrogen and Fuel Cell Association (DWV) a few months ago: The technology group wants to be a global player in the hydrogen sector – starting with electrolysis and ending with the use of hydrogen in various markets. The group is now being expanded in this direction, although in the short term the negative influence of the wind turbine subsidiary Gamesa (67 percent share, approx. 11 billion euros stock market value; that of Siemens Energy is only approx. 9 billion euros for 22 billion euros turnover) had a negative impact on their own balance sheet – a loss of minus 307 million euros. (more…)
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