• 2 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 4 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 6 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 7 hours Schlumberger Warns Of Moderating Investment In North America
  • 8 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 9 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 11 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 12 hours New Video Game Targets Oil Infrastructure
  • 14 hours Shell Restarts Bonny Light Exports
  • 15 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 21 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Tesla Execs Bail As Cash Flow Hits Record Lows

Amid a rough second quarter…

Alt Text

Chinese EV Boom Could Crash Oil Prices

Most oil majors acknowledge that…

Alt Text

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

Energy Digital

Energy Digital

Energy Digital is a leading digital media source of news and content for C-level executives focused on business and all aspects of managing the environment.…

More Info

Siemens Exiting the Nuclear Energy Business to Focus on Renewables

Siemens Exiting the Nuclear Energy Business to Focus on Renewables

“The chapter is closed,” says Siemens CEO Peter Löscher in regard to the company’s nuclear energy business.  In response to the world’s growing concern over the safety of nuclear power, German-based Siemens will exit the nuclear sector in greater pursuit of renewable energy.

Löscher attributes the company’s decision not only to the Fukushima incident, but more to the German response.  The country, led by German Chancellor Angela Merkel, has banned nuclear energy, strategically closing various reactors with a goal of a nuclear free Germany by 2022.  The country will instead look to renewable sources of energy to fill the power gap.  Considering that Siemens is a German company that has had a hand in developing all of Germany’s 17 nuclear reactors, it only makes sense to follow suit and ditch nuclear for renewables.

"The chapter is closed for us," Löscher said. "We will no longer be involved in managing the building or financing of nuclear plants."

He adds that the decision is in response to “German society and politics' clear position on ending nuclear energy."

Siemens has had a difficult time in the nuclear energy sector this year following an order by an international tribunal demanding the company pay France’s Areva—the world leader in nuclear technology—€648 million ($927 million) for failing to meet contractual obligations in a joint venture that Siemens backed out of earlier this year.

The announcement will inevitably terminate a long-planned joint venture between Siemens and Russian nuclear firm Rosatom to construct 400 nuclear plants by 2030.  However, Löscher did express that he wishes to continue working with the firm in other market areas.

Löscher seems hopeful for the future of renewables and Siemens’ role in bringing these technologies to the forefront.  He states, "Germany's shift towards renewable energies is the project of the century."

By. John Shimkus of Energy Digital




Back to homepage


Leave a comment
  • Anonymous on September 24 2011 said:
    Siemens will continue working with Rosatom in areas other than nuclear, this article says. Rosatom sounds to me like a firm specializing in nuclear, and if Siemens works with them it means that when German voters reject the nonsense of Ms Merkel, Siemens will be back in the nuclear business.Yes, I say again that I once spent 15 wonderful months in Germany with the US Army, and that the people of that country could fall for the lies of Josef Goebbels was a mystery to me from the day I landed until the day I left. But apparently Herr Goebbels was correct when he said that the bigger the lie, the easier it was to have it accepted as the truth.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News