Siemens Energy AG

TRT has announced its move towards becoming a Global Energy Infrastructure Player, targeting 2026 revenue of 3.3 billion baht. The company is accelerating the delivery of transformer orders from Europe, Mexico, and the United States in the second half of the year, while partnering with key ally Siemens Energy to expand its export market. This is expected to increase the share of international revenue to 50%, up from the current 33%. Meanwhile, the domestic market accounts for 23% and the government sector 4.7%. The company is preparing to bid for new projects worth over 18 billion baht, comprising 3.652 billion baht in export work, 7.4 billion baht for MEA, 2.55 billion baht for domestic projects, 3.55 billion baht for PEA, and 750 million baht for EGAT. Currently, the backlog stands at approximately 3.433 billion baht. For the first half of the year, the company reported a net profit of 290.19 million baht, an increase of 259% from the same period last year, which saw a profit of 80.86 million baht.

Qilun Technology released its 2026 interim report on August 26. First-half operating revenue was 2.88 billion yuan, up 3,733.2 percent year on year. Net profit attributable to the parent company was 254 million yuan, up 16,148.3 percent year on year. Net profit attributable to the parent after deducting non-recurring items turned from loss to profit, reaching 143 million yuan. Net operating cash flow was 197 million yuan, up 3,866.8 percent year on year. Earnings per share were 0.1677 yuan. Second-quarter revenue was 1.58 billion yuan, and net profit attributable to the parent was 170 million yuan. As of the end of the second quarter, the company's total assets were 18.12 billion yuan, up 2,542.1 percent from the end of the previous year. Net assets attributable to the parent were 9.718 billion yuan, up 1,892.9 percent. The company said that during the reporting period it completed a major asset restructuring, with its main business becoming industrial turbomachinery, and it is cooperating with Siemens Energy on gas turbine business. In May 2026, its self-developed 50-megawatt-class gas turbine HGT51F passed a full-load continuous operation test and met the conditions for commercial operation.

Natural gas power turbine prices are on track to nearly triple by the end of next year, driven by surging demand from AI data centers. Wood Mackenzie projects the per-kilowatt cost of gas turbines could be 195% higher than in 2019. GE Vernova's power division saw orders jump 134% year over year in Q2, lifting its backlog by $13 billion to $176 billion. Siemens Energy reported 18.5% revenue growth and received 15 gigawatts of new gas turbine orders in the latest quarter, expanding its backlog to 69 gigawatts. Mitsubishi Heavy Industries posted 13.3% revenue growth, while Caterpillar and Woodward are also benefiting from the trend.

The gas turbine shortage has become the biggest constraint on AI data center expansion, with GE Vernova's production schedule now booked through 2031. Goldman Sachs projects U.S. data center power demand will climb from 31 gigawatts in 2025 to 41 GW this year and 66 GW in 2027, while year-over-year capacity additions accelerate from 8.5 GW actually realized last year to 13.6 GW scheduled for 2026 and 36.3 GW scheduled for 2027. GE Vernova closed the second quarter with 116 GW of gas power equipment backlog and slot reservation agreements, up from 100 GW three months earlier and 83 GW at the end of 2025, and expects at least 125 GW under contract by December. Siemens Energy ended its fiscal third quarter on June 30 with a 69 GW gas turbine backlog after booking 15 GW and shipping six, while Mitsubishi Heavy Industries reported a 35 GW large-frame backlog on Aug. 6, up from 23 GW a year earlier. Wood Mackenzie puts worldwide manufacturing capacity at 60 to 70 GW a year against roughly 110 GW of orders, and PJM's capacity auction for 2028/2029 cleared at the FERC-approved cap of $325 per megawatt-day for the third consecutive year, leaving the system 6,831 MW below its reliability requirement.

Fermi Inc. announced a binding customer agreement with AI infrastructure company TensorWave for up to 650 megawatts of power, with an initial 15-year, 222-megawatt phase worth about $6.5 billion in revenue. Chairman Marius Haas said the company hit all five commitments from its 90-day plan, and Chief Commercial Officer Anna Bofa noted the $6.5 billion figure is tied strictly to Phase 1, while the campus holds total expansion potential of up to 650 megawatts. Fermi also reported three Siemens Energy F-class units cleared customs at the Port of Houston, a new alliance with Hillcore Energy Partners adding 2.6 gigawatts within three years, and an upsized convertible note offering yielding about $382 million in net proceeds. The company named Lee McIntire as chief executive, and 51 hedge funds held shares in the most recent quarter, up from 40 the prior quarter, with short interest at 9.70% of the float.

Global gas turbine orders hit a record high in the second quarter as demand for power generation surges, with new orders climbing 29 percent quarter-over-quarter and 71 percent year-over-year to 38 gigawatts, according to J.P. Morgan. The United States accounted for half of the new turbine orders, driven by rising electricity demand from data centers, while shortages in regions such as Southeast Asia are constraining planned capacity additions. The bank said a combined-cycle gas turbine delivered in 2031 will be three times as expensive as one last year, and lead time for a new combined-cycle gas power plant jumped to five years in 2025 from three and a half years in 2023. Among the top three gas turbine makers, Siemens Energy led with 12.5 gigawatts of new orders, followed by GE Vernova at 11.3 gigawatts and Mitsubishi Power at 5.3 gigawatts. Earlier this year, Wood Mackenzie forecast gas turbine prices will rise 195 percent by 2027 to 600 dollars per kilowatt due to a supply squeeze driven by increased electrification demand, especially around data center expansion.

Siemens Energy has secured two major contracts, including a deal with Babcock & Wilcox to supply 20 steam turbines totaling 1 GW of capacity for AI data center power projects, and a separate agreement with SBM Offshore to provide power generation and gas compression systems for Petrobras-operated FPSO units in Brazilian offshore fields. The contracts extend Siemens Energy's footprint in data center power infrastructure and offshore oil and gas, adding to an already large backlog that the company has flagged as a potential source of working capital strain and execution risk. The 1 GW data center turbine deal reinforces the potential for gas power contracts to benefit from surging electricity demand, while the Petrobras-related work aligns with diversified international order intake and service potential.

Rocket Lab shares fell as much as 5.7% after the company's Neutron rocket timeline softened, with an analyst noting that while Neutron remains on track to reach the launch pad in the fourth quarter, an initial launch could be pushed to 2027. Riot Platforms struck a $9.1 billion, 20-year deal with Anthropic to supply 191 megawatts of AI data center capacity from its Rockdale, Texas campus. Babcock & Wilcox Enterprises rose in premarket after signing an agreement with Siemens Energy to produce steam turbine generator sets. US-listed shares of On Holding dropped as much as 17% in premarket trading after the Swiss sneaker maker's second-quarter sales came in lower than expected.

Babcock & Wilcox shares surged 37.3% pre-market Tuesday after the power generation equipment maker reported second-quarter profit and revenue that easily exceeded analyst consensus and signed an agreement with Siemens Energy to begin work on 20 steam-turbine generator sets providing 1 GW of capacity for data center projects. The company swung to a net profit of $14.3 million from a net loss of $58.5 million a year earlier, while revenue rose 130% year-over-year to $319.7 million, citing strong activity across large projects including the Base Electron AI data center initiative. The agreement positions Babcock & Wilcox to deliver 20 50 MW steam turbines on accelerated timelines and is in addition to a previously announced turbine order. The company now forecasts full-year adjusted EBITDA of $80 million to $105 million, pointing to better-than-expected first-half performance and improving second-half demand visibility.

SBM Offshore has selected Siemens Energy to supply power generation and gas compression systems for two floating production, storage and offloading vessels destined for Petrobras' platforms in Brazil's Sergipe-Alagoas basin. The equipment will be installed on the P-81 and P-87 FPSOs, which are part of the SEAP I and SEAP II developments respectively, and together are designed to produce up to 240,000 barrels of oil and process up to 22 million cubic metres of natural gas per day. Under the agreement, Siemens Energy will deliver a total of 16 modular systems, with eight units allocated to each platform, including four gas turbine generators, three gas turbine-driven compressor trains, and one electrically driven compressor per FPSO. The majority of the equipment will be assembled at Siemens Energy's facility in Santa Bárbara d'Oeste, Brazil, with the first consignment scheduled for delivery by the end of 2027 and the remainder in 2028. Initial production is anticipated to commence in 2030, with gas exports expected to begin in 2031.

Babcock & Wilcox has signed an agreement with Siemens Energy to commence work on 20 steam turbine generator sets totaling 1 gigawatt of generating capacity for its FastPower program serving data center projects. This agreement is in addition to a previously announced turbine order and secures 1 GW of capacity to meet accelerating demand from AI data center customers. B&W Chief Technology Officer Brandy Johnson said the collaboration positions the company to deliver reliable, high-capacity energy solutions on accelerated timelines. Siemens Energy Senior Vice President Tobias Panse noted the deal reflects growing U.S. demand for reliable, affordable, and resilient energy infrastructure.

Brown Advisory's Global Leaders Strategy sold its position in Workday during May after an eight-month holding period, citing a broken investment thesis. The exit was triggered by the CEO's departure and the reappointment of co-founder Aneel Bhusri, which led to an immediate moderation of margin targets and reduced discipline around stock-based compensation. These changes, combined with the need to ramp up investments amid increased competition from AI-driven challengers, prompted downward revisions to growth and margin estimates that no longer supported the fund's base-case IRR targets. The proceeds were reallocated to build a new position in Siemens Energy.

Siemens Energy reported a 70.5 percent jump in third-quarter net income to 1.188 billion euros, driven by revenue growth and strong U.S. demand. Revenue climbed 17.5 percent to 11.447 billion euros, marking the company's highest quarterly revenue to date, while orders grew 7.9 percent to 17.926 billion euros. Profit before special items more than tripled to 1.623 billion euros, and the company confirmed its fiscal 2026 outlook, which includes net income of around 4 billion euros and a profit margin before special items between 10 and 12 percent. Siemens Gamesa posted a positive result for the first time since fiscal 2022 and remains on track to break even in 2026.

The Rabigh Reinforcement Combined Cycle Power Plant in Saudi Arabia fired its first gas turbine in July 2025, just 14 months after the engineering, procurement, and construction contract was awarded. The 1,179-MW plant, developed by Saudi Electricity Company and delivered by a consortium of Siemens Energy and Elsewedy Electric PSP, is on track to reach full combined cycle completion in approximately 35 months, well ahead of the typical 40 to 42 months. Simple cycle units began delivering 700 MW to the grid by October 2025, with a second milestone in May 2026 and full combined cycle operation projected for May 2027. The project, valued at about SAR 5.33 billion, employed an unconventional fast-track approach including early procurement, interim contractual mechanisms, and rerouting of a steam turbine generator around disrupted Red Sea shipping lanes. The plant is designed to be carbon-capture-ready and is expected to supply electricity for approximately 500,000 homes.

Fermi Inc. shares climbed as much as 19.46 percent on Friday to $7.55 apiece after the company announced that three natural gas turbines from Siemens Energy arrived at the Port of Houston for its flagship Project Matador campus in Texas. The three turbines, rated up to 780 megawatts in simple cycle mode, mark the largest single power equipment move for the project, which spans more than 7,500 acres in Carson County and is designed to deliver 17 GW of power from lower-carbon natural gas, advanced nuclear, solar, and battery storage. Investors also positioned ahead of the company's second-quarter earnings release scheduled for August 13 before the market opens, with attention on the business outlook and leadership composition following the removal of former CEO Toby Neugebauer and the appointment of interim co-CEOs Jacobo Ortiz and Anna Bofa. The company plans to list 12.13 million additional shares on the London Stock Exchange on July 29 to pay advisers and settle employee stock awards, which would bring total voting shares on the LSE to more than 640.4 million. Institutional interest remained strong, with 51 hedge funds holding positions as of the end of the first quarter, up from 40 the prior quarter, and collective holdings rising to $165.6 million from $160 million.

Fermi Inc. announced the arrival of three Siemens Energy SGT6-5000F natural gas turbines at the Port of Houston, marking a key milestone for its Project Matador advanced energy and AI campus near Amarillo, Texas. Together, the three turbines are rated at up to 780 megawatts in simple-cycle mode and will anchor the second phase of what is expected to be the nation's largest combined-cycle natural gas project. The delivery follows Fermi's recent selection of TSK for early works on phase-two turbines and Primoris Services Corporation for balance-of-plant work on six SGT-800 turbines in phase one. Fermi's Co-President Jacobo Ortiz highlighted the company's rapid execution under its FermiSpeed strategy, which involves early procurement of long-lead equipment and parallel workstreams to accelerate power delivery for hyperscale customers. The turbines will now travel to the Project Matador campus, where site preparation is already underway, as Fermi scales toward its planned private grid with more than $1.4 billion invested in site buildout to date.

The global green hydrogen market is projected to grow from USD 12.5 billion in 2025 to USD 188.9 billion by 2035, at a compound annual growth rate of 31.2%, according to a new report by Custom Market Insights. The market is expected to reach USD 16.4 billion in 2026. Growth is driven by demand from heavy industries such as steel, chemicals, and refining seeking to decarbonize, as well as increasing adoption of hydrogen fuel cells in transportation. North America held the largest market share in 2025, while the Asia Pacific region is forecast to grow at the highest rate during the forecast period. Key players include Siemens Energy, Nel ASA, ITM Power, and Plug Power.

Pembina Pipeline Corporation has approved the final investment decision for the Greenlight Electricity Center, a major energy infrastructure project in Alberta's Industrial Heartland. The project, developed with Morgan Stanley Infrastructure Partners and Kineticor Asset Management, will supply dedicated electricity to a hyperscale data center under a long-term tolling agreement, with commercial operations expected in the second half of 2030. Total project expenditures are estimated at roughly C$4.6 billion, with Pembina's net investment at approximately C$2.1 billion after land sale proceeds. The facility will use combined cycle technology featuring Siemens Energy turbines and has expansion permits for up to about 1,864 megawatts. Pembina expects its ownership interest to generate around C$310 million in annual run-rate adjusted EBITDA once operational.

Siemens Energy has agreed to provide major power generation technology and long-term service for two new independent power producer projects in Oman, aiming to increase the country's electricity output by nearly 20%. The Misfah and Duqm combined-cycle gas turbine power plants will deliver a combined capacity of approximately 2.6GW, supplying reliable electricity to more than two million people. The company will supply six F-class gas turbines, six generators, and enter into 20-year service agreements to support both facilities. Components will be manufactured at Siemens Energy sites in Germany, with SGT5-4000F gas turbines produced in Berlin and SGen5-2000P generators in Muelheim. A consortium comprising Etihad Water and Electricity Company, Bahwan Infrastructure Services, Nebras Power Investment Management and Korea Western Power is developing the projects, with Doosan Enerbility and SEPCO-3 handling engineering, procurement and construction, and Nama Power and Water Procurement Company as the offtaker.

Duke Energy spent nearly $1 billion with North Carolina-based suppliers in 2025, part of a broader $17.2 billion in annual sourcing where more than 97% supports U.S.-based suppliers. The company expects its continued investment in North Carolina suppliers could total nearly $5 billion over five years, supporting jobs and local economies while securing critical grid equipment. Key suppliers include GE Vernova in Goldsboro for transformers and Siemens Energy in Charlotte for gas turbines. Duke Energy says these investments help reduce supply chain risk, sustain domestic manufacturing, and ready the grid for rising energy demand.

NVIDIA announced that a record 35 AI HPC supercomputers are in development across Europe, equipping more than 3 million researchers with next-generation infrastructure. The systems represent Europe's largest one-year expansion of supercomputers, spanning national supercomputing centers, AI factories and academic research institutions across 23 countries. Built on full-stack NVIDIA AI infrastructure, including Blackwell and Hopper platforms, the systems will support research across climate science, healthcare, clean-energy decarbonization, quantum computing and fundamental science. NVIDIA AI infrastructure is powering over 90% of Europe's AI factory buildout with 800 AI exaflops deployed or announced since last year. Key systems include Barcelona Supercomputing Center's EuroHPC MareNostrum5 AI upgrade, BavariaAI's Blue Swan, IT4LIA, HLRS's HammerHAI and NAISS's Mimer EuroHPC AI Factory, with performance ranging up to 82 exaflops of AI training and 164 exaflops of AI inference. NVIDIA is also supporting initiatives in climate and decarbonization, including work with Siemens Energy on hydrogen-capable gas turbine burners, and advancing quantum-GPU supercomputing with CUDA-Q platform integrations at Barcelona Supercomputing Center, CINECA, Fraunhofer and Jülich Supercomputing Centre.

German grid operator 50Hertz awarded a contract for the North Sea Connector 2 project to Siemens Energy and Neptun Smulders Offshore Renewables. The project includes an offshore platform and an onshore station in northern Germany, capable of handling up to two gigawatts of power, equivalent to the electricity needs of around two million households. NSORe will build the offshore platform mainly at a shipyard in the Rostock area, while Siemens Energy will equip it with transmission technology mostly from its German factories. Economy Minister Katherina Reiche welcomed the deal, emphasizing the importance of resilient supply chains and technological sovereignty amid geopolitical changes and trade conflicts. The contract is part of a broader push by Germany and other northern European nations to expand North Sea wind power, with a January summit pledge to add 100 gigawatts of offshore wind turbines.