Siemens Energy

Siemens Energy is one of three companies that can supply the high-voltage transformers data-centre campuses require to connect to the grid at scale, alongside GE Vernova and Hitachi Energy. Its $150m transformer manufacturing plant in Charlotte, North Carolina is scheduled to commission in 2027-2028, but a unit ordered today will not arrive until 2031 at current five-year lead times. The Charlotte plant therefore provides no relief to the 2026 pipeline, where only one-third of the 12-16 GW of planned data-centre capacity is under construction. The rest sits on transformer order queues in which Siemens Energy holds a significant share.

Siemens Energy AG was created on 1 April 2020 when Siemens AG spun off its Gas and Power division, with shares trading on the Frankfurt Stock Exchange (ticker: ENR) from 28 September 2020. It is headquartered in Munich and employs approximately 102,000 people across more than 90 countries. Its four major business lines are gas and steam turbines, high-voltage transformers and grid technology, Siemens Gamesa wind turbines (a majority-owned subsidiary), and compressors for industrial and oil-and-gas applications. Revenue reached €39.1bn in fiscal year 2025, with the grid and power-transmission businesses driving the fastest growth as the global energy transition accelerates demand for high-capacity switching and transmission equipment.

Beyond data centres, Siemens Energy sits at the intersection of European energy sovereignty, the gas-turbine market, and the offshore wind supply chain through Siemens Gamesa. Its €154bn order backlog as of Q2 FY2026 reflects the structural mismatch between grid-infrastructure demand and the industry's manufacturing capacity: a backlog that large takes years to work through and confers multi-year pricing power on the company's grid division, even as its Gamesa wind subsidiary continues to recover from turbine-reliability problems that weighed on margins in 2022-2024.