Russia is serious about progressing into the next movement to enhance their competition in the energy race. Siemens will announce its joint venture which includes two Russian companies. Europe’s largest engineering company plans to enter the wind energy market with a major boom.
Peter Löscher, chief executive has said he was going to advance and take the offensive in pursuing business in Russia. Siemens’ Russian revenue is expected to grow at a rapid rate. Siemens thought about last year it would be a good idea to partner with Russia and build nuclear power plants even though Europe prefers to be less energy dependent on Russia.
Siemens wants to compete in the renewable energy market and plans to be one of the top three operators in the fast growing wind market. The plan is to set up an off-shore wind farm that will produce 5,000 megawatts in wind energy capacity worth about €5bn. Siemens will be making a large revenue once the project is complete.