Siemens Energy to phase out coal-generated electricity

Thursday, 09. July 2020 11:05

The Siemens Energy AG board will come up with a "stakeholder-friendly plan" to stop using coal in energy production, Siemens CEO Joe Kaeser said during the company's virtual shareholders' meeting on Thursday.

The announcement came as shareholders voted to spin-off Siemens' energy sector into Siemens Energy AG. For every two shares of Siemens, shareholders will get a share of the new energy company, meaning 55% of Siemens Energy will go to shareholders of Siemens. Meanwhile, Siemens will be the owner of 35.1% of the new firm while the Siemens Pension-Trust e.V. will hold a 9.9% stake in Siemens Energy.

Siemens Energy is set to be listed on September 28 and Siemens noted it plans to sell significant parts of its stake in the company by the end of 2021.

Related Links: Siemens AG
Baha Breaking News (BBN) / VP