Siemens & Nordex: Crisis to Record Profits via Energy Transition
4 min Read Time
2024 was the cleanest electricity year in German history: 62.7 percent of public net electricity generation came from renewable sources. But the real headline is in the balance sheets: Siemens Energy recorded a record order intake of €50 billion, Nordex installed one in every three wind turbines in Germany, and CO₂ emissions from power generation have halved since 2014. The energy transition is no longer the problem – it’s the solution.
The Key Takeaways
- 62.7 percent renewables: In 2024, 62.7 percent of Germany’s public net electricity generation came from renewables – a new record. Wind power delivered 136.4 TWh; solar power reached a record 72.2 TWh (Fraunhofer ISE, 2025).
- Siemens Energy on record trajectory: In fiscal year 2024, Siemens Energy achieved €34.5 billion in revenue (+12.8%), a net profit of €1.335 billion, and a record order intake of €50.2 billion (Siemens Energy Annual Report 2024).
- Nordex triples profit: In 2025, Nordex installed one in every three new wind turbines in Germany: 285 turbines with a total capacity of 1,647 MW – 31.5 percent of all new onshore capacity (Deutsche WindGuard, 2025).
- 58 percent less CO₂: CO₂ emissions from German power generation fell by 58 percent compared to 1990. 2024 was the first full year without nuclear power since 1962 (German Environment Agency [UBA], 2025).
- Self-generated power at 4-6 cents: For industrial companies, self-generated solar or wind power costs 4-6 cents per kWh – versus 15-25 cents from the grid. A medium-sized company consuming 10 GWh annually saves over €1 million per year (BDEW, 2025).
Siemens Energy: From Troubled Spin-off to Stock Market Darling
As recently as 2023, Siemens Energy was a turnaround candidate. Its wind power subsidiary Gamesa posted multi-billion-euro losses, its share price collapsed, and the German federal government stepped in with a €15 billion guarantee package. Headlines were scathing.
One year later, the picture has transformed entirely. Fiscal year 2024: €34.5 billion revenue, €1.335 billion net profit, €50.2 billion order intake, and an order backlog of €123 billion – all record highs. All annual targets met.
What changed? Global demand for power infrastructure has exploded. Data centers for AI applications, electromobility, heat pumps, and the expansion of renewables are fueling an investment cycle from which Siemens Energy – by virtue of its role as an infrastructure provider – benefits disproportionately. Transformers, switchgear, gas turbines – the products nobody calls “sexy,” yet everyone needs.
Nordex: Market Leadership Through Execution
Hamburg-based Nordex installed one in every three new wind turbines in Germany in 2025: 285 units totaling 1,647 megawatts – 31.5 percent market share. Revenue rose 12.5 percent to €7.3 billion in 2024.
Nordex’s success is no accident – it stems from a disciplined focus on onshore wind. While Siemens Gamesa bled billions on offshore projects and Vestas grappled with quality issues, Nordex reliably delivered turbines on time. In the SME segment – community wind farms, municipal projects, mid-sized developers – this reliability is decisive. It mirrors a broader pattern among Germany’s Hidden Champions: focus on core competencies rather than diversification.
“Reindustrialization is increasingly seen as a strategic response to the geopolitical environment. More than half of executives say tariffs are accelerating their reshoring efforts.”
– Capgemini Research Institute, Reindustrialization Report 2025
What the Energy Transition Means for SMEs
For industrial firms, self-generation is becoming a competitive advantage. Companies with their own solar or wind installations pay 4-6 cents per kilowatt-hour – versus 15-25 cents from the grid. For a medium-sized manufacturing firm consuming 10 GWh annually, that translates to over €1 million in annual savings.
The math works because renewable generation costs have fallen while grid fees have risen. Meanwhile, the improving CO₂ footprint has become a key metric in sustainability reporting and CSRD audits. The reshoring of production to Europe amplifies this effect: local manufacturing demands local energy sources.
At the same time, Europe’s semiconductor industry benefits from stable power supply – chip fabs rank among the most energy-intensive industrial facilities worldwide.
Frequently Asked Questions
Further Reading
- Germany’s Hidden Champions: How 1,307 global market leaders quietly weathered the crisis – MyBusinessFuture
- Green IT: How German data centers are becoming climate role models – cloudmagazin
- CSRD Reporting Obligation 2025: What the CFO needs to know now – Digital Chiefs
Header Image Source: Pexels / Kristina Kutleša
