Siemens to Divide Renewable Energy Division

Siemens

is preparing to restructure its renewable business into two independent divisions. The Renewable Energy Division will be divided into a wind power division and a solar and hydro power division from October 1, 2011. Michael Suess, CEO of Siemens Energy Sector, said, 'We're separating solar and wind power because these two markets are at very different stages of development. In the new unit, Solar & Hydro, we'll be moving forward with research and development in the field of solar power to further increase our competitiveness. In our established wind power business, we'll be forging ahead with industrialization and internationalization. Germany, the rest of Europe and the whole world need power storage systems for the integration of renewables. Our Solar & Hydro Division will therefore also be handling the strategic issue of power storage."