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Siemens’ move from nuclear energy to renewable energy
Following the Fukushima earthquake and tsunami on the 11th March 2011, and the ensuing nuclear disaster, Siemens AG announced on September 19th 2011 its exit from the nuclear power industry.
Siemens announced its withdrawal from the nuclear power industry with immediate effect as a result of the March 2011 Fukushima nuclear disaster and due to the position of German society and politics, however the company stressed it was not pressured by the German government. Although there is growing public and governmental distrust of nuclear power production volumes are forecast to increase albeit at a slower rate than renewable energy consumption. Siemens is relying on this growth in renewable energy and the German governments revised energy policy to replace any potential shortfall in revenues that would have normally come from the nuclear power industry.
Siemens announced its total withdrawal from the nuclear power industry in response to the Fukushima disaster and the re-positioning of German society and politics. Since the Fukushima disaster in March 2011 protests have occurred worldwide and a number of governments have changed or solidified their anti-nuclear stances.
MarketLine forecasts nuclear energy consumption to increase by 18.3% between 2010 and 2015 with 66 nuclear reactors currently under construction and many more planned. With MarketLine forecasting a 25.8% increase in renewable energy consumption, Siemens has the opportunity to exploit this growth through its offshore wind farm expertise and globally planned solar power projects. With the loss of revenue from the nuclear power industry, Siemens is banking on the revenue potential in the renewable-energy industry to outweigh these losses.
Find this interesting. For more, please read our case study Siemens AG Case Study: Can Siemens Live Without Nuclear Energy?. You may also like Nuclear Energy – Top 5 Emerging Markets Industry Guide and Renewable Energy – Top 5 Emerging Markets Industry Guide