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Wednesday, January 02, 2008
Siemens Power Generation (PG) - Wind Turbines
Image: courtesy of Siemens AG (www.siemens.com)

A Driving Force In Wind Energy

Siemens AG entered into the wind power business in 2004 with its acquisition of Bonus Energy, Denmark’s oldest wind turbine manufacturer and the fifth largest in the world at that time. Wind turbines are part of Siemens' Power Generation business, which manufactures gas turbines, wind turbines and other power generation equipment. For fiscal year 2007 (ending September 2007), Siemens' Power Generation Business had sales of 12 billion euros, and 18 billion euros of new orders.

There are approximately 32 large capacity wind turbine manufacturers globally, of which Siemens Power Generation was ranked #6 in sales in 2006 with a 7.3% worldwide market share (BTM Consult ApS). Siemens and Suzlon (India) were virtually tied for 5th place with Suzlon having a 7.7% (BTM Consult ApS) market share. Only 1% of the electricity in the United States is currently generated by wind power and the expectations for the growth in this market is substantial. In Europe, by 2010 , wind generated electricity is expected to power 86 million European households.

Siemens’ Power Generation business received their largest ever offshore order for 91 2.3 MW wind turbines (model: SWT-2.3-93) from the Danish energy company Dong Energy A/S on December 20, 2007. This was a contract inclusive of wind turbines, servicing and maintenance, that will supplement the existing wind generation capacity of the Horns Rev offshore wind farm, located in the North Sea close to the Danish coast. Including this contract, Siemens will have supplied wind turbines to six of Dong Energy’s wind farms, having recently signed a contract with Dong Energy for 30 wind turbines (3.6 mw) at the Gunfleet Sands project off the British coast.

Siemens' PG wind turbines come in three power output configurations of 1.3, 2.3 and 3.6 MW. The 3.6 MW model can be installed offshore or onshore and these large versions are the trend for offshore wind farms for strength and maximum power generation in high winds. The 2.3 MW power category comes in three variants: high wind, low-medium wind, and a noise restriction variable pitch model. The smaller 1.3 MW model is for low power needs or height/noise restriction requirements.

Siemens (723610:Xetra-Germany; SI:NYSE) currently trades (5:38 PM CET Xetra Germany) at 107.10 Euros with a 52 wk high of 112.01 Euros (July 13/2007) and a 52 wk low of 74.80 Euros (Dec 29/2006). The PE for Siemens is 25.26 and the yield is 1.49%.

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