September 20, 2011 / 1:31 PM / in 6 years

Siemens hops on renewables wave with power lines

PALMA DE MAJORCA, Spain (Reuters) - German industrial group Siemens AG aims to benefit from the global push into renewable energy by installing power lines to get electricity from sun-drenched and wind-swept sites to customers.

It also wants to deliver the natural gas-fired power stations that can fill the gap left when neither wind nor sun is powering the green facilities, the company told reporters on the Spanish island of Majorca.

The lightbulbs-to-locos conglomerate is in particular banking on Germany exiting nuclear power in the next 10 years and the ensuing demand for new facilities.

“The changes in energy policies in Germany and the growing demand for electricity worldwide offer big opportunities for the company,” Siemens board member Michael Suess said.

“There are regions in the world that invest like hell.”

Siemens estimates the global market for power transmission will at least double in the next five years from the current 3 billion euros ($4.1 billion).

($1 = 0.735 Euros)

Additional reporting by Maria Sheahan; Editing by David Holmes

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