Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Main activityAs an integrated energy technology company, we supportour customers along the energy value chain. Siemens Energy A/S covers almost the entire energy valuechain with a portfolio of products, solutions and services –from power generation and transmission to storage. Theportfolio includes conventional and renewable energytechnology, such as gas and steam turbines, hybrid powerplants operated with hydrogen, and power generators andtransformers as part of our high voltage products portfolio. The energy transition is not only about generating powerfrom renewable sources. We look at it holistically, fromgeneration, transport and storage to consumption. • No customer, region or country is like the others. Whatever the starting point and boundary conditionsare, we aim to provide customized solutions. • As an integrated energy technology company, weconcentrate on the unique needs of our customers andpartners and support them along the entire energy valuechain. • At Siemens Energy, we focus on the following threepillars to meet net zero1) Generate power with low- or zero-emissions: Fromefficient and hydrogen-ready gas turbines to wind, wehave technologies to cut emissions now. 2) Transport and store energy efficiently: It’s going totake eight times more renewable generation and gridconnection to reach net zero by 2050 (source: IEAWorld Energy Outlook 2022). Our transmission andstorage technologies create a reliable backbone. 3) Reduce emissions in industrial processes: Industryneeds to reduce emissions by five gigatons of CO2 peryear according to IEA world energy outlook 2022 forus to reach net zero by 2050. Electrification, automationand digitalization will be key to achieve thisreduction targets. We are addressing these three pillars with our respectiveBusiness Areas Gas Services, Grid Technologies andTransformation of Industry, which Siemens Energy A/S isrepresenting in Denmark. Gas ServicesSiemens Energy A/S provide products, solutions andservices for conventional power generation with highefficiencies. We reduce carbon emissions from existingassets and develop technologies that that will be critical inthe future for the decarbonization of power generationapplications. Portfolio: Large gas and steamturbines, industrial gas and steamturbines, generators, turn-keypower plants, control systems,operation and maintenance ofpower plants, modernizations andupgrades, digital services. In Denmark especiallythe portfolio of large electrical heat pumps which cansupply heat or steam op to 150°C or 5 bar steam generatedfrom green renewable electric power is very relevant forthe green transition. Transformation of IndustriesThe energy transition needs to encompass all sectors –especially process industries, transport and infrastructure. The industry sector in 2022 was globally directly responsiblefor emitting 9. 0 Gt of CO2, accounting for a quarter ofglobal energy system CO2 emissions (according to IEAworld energy outlook 2023). This huge contribution of the industrial sector to globalwarming is an equally huge global market for emissionsreduction technologies. We offer products, integrated systems,solutions and services for a wide range ofmarkets to support industry on itsdecarbonization and transformationjourney. In this way, we contribute toconsistent CO2 reduction whileincreasing efficiency. • As heat generation and transport all become increasinglyelectrified, the demand for electricity will rise. Through sector coupling, renewable energy will play arole in achieving decarbonization here, as will hydrogenfrom electrolysis. Power-to-X will also fill the gaps wheredirect electrification is not achievable using hydrogenand other synthetic fuels. With our electrolysis portfoliowe aim to scale the hydrogen market from the outset tønable deep decarbonization of the industrial sector. • We’re offering integrated industry-specific solutions forprocess optimization and decarbonization in the areas ofelectrification, automation, and digitalization. • Our portfolio of steam turbines and generators, alongwith our service offerings, ensures profitability andstability with a focus on decarbonizing industrialprocesses. • With our turbo- and reciprocating compressor trains andrelated services we focus on cost efficiency and synergies. In Denmark the team is working on development of a LDES(long duration energy storage) system with compressed air(CAES – Compressed Air Energy Storage) which shouldenable the build out of the renewable energy production. Grid TechnologiesSiemens Energy A/S partner with our customers to buildand operate efficient grid infrastructures. We offer reliableproducts, solutions, and services improved with digitalfunctions to meet thegrowing demand for sustainableelectrification. Portfolio: Transmissionsystems, air- and gas-insulatedswitchgear, power and distribution transformers,solutions for substations, HVDC-solutions, modernizationand upgrades. In Denmark the supply of the onshore substation for the1000 MW Thor offshore wind farm and the HVDC converterto Viking Link interconnector between Denmark and theUnited Kingdom is an important project. Also, thesupplying electrical system packages to offshore transformerplatforms for connecting offshore windfarms to thetransmission grid is a very import business. . The supply ofoffshore grid access AC solutions is covered by a centre ofcompetence that Siemens Energy A/S is hosting. Customers include public utilities and independent powerproducers and companies that carry out the engineering,procurement and construction (EPC) of power plants forpublic utilities and power producers, also sovereign andmultinational oil and gas companies, midstream operators,independent oil and gas, petrochemical and chemicalcompanies, and industrial customers that generate powerand heat for their own consumption (prosumers). The competitors of Siemens Energy in this area consistmainly of two groups: a relatively small number of originalequipment manufacturers (OEM) on the one hand and alarge number of EPC companies on the other hand. With the new factory, Siemens Energy AG is making electrolyzersa mass product, laying the foundation for theramp-up of the hydrogen economy. For hydrogen to become the game changer for aclimate-neutral future, it must be available in large quantitiesand at competitive prices. This requires serial production of cost-effective and scalableelectrolyzers. With an annual production capacity of onegigawatt, Siemens Energy and Air Liquide expect a ramp-upto at least three gigawatts by 2025 with potential for more. In comparison: with installed electrolysis capacity of threegigawatt, an average of 300,000 metric tons of greenhydrogen can be produced per year when operated withrenewable energies. Using this green hydrogen to replacefossil fuels would avoid the CO2 emissions of a majorDanish city in the size of Århus with around 280,000inhabitants. In Denmark we are supplying the first 50 MW electrolyzersystem for a e-Methanol production site in Kassø close toÅbenrå. The new gigafactory will enable us to take part inthe planned build out of the Danish Hydrogen industry.