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    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

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Real-time Estimate Tradegate  -  03:48 2022-12-06 pm EST
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Vattenfall signs grid contract with Siemens Energy and Aker Solutions

10/03/2022 | 10:04am EST

Vattenfall has signed a contract with Siemens Energy and Aker Solutions AS to deliver grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm off the British coast.

The contract gives Siemens Energy and Aker Solutions the responsibility for engineering, procurement, construction and installation of the High Voltage Direct Current (HVDC) onshore and offshore substations and connection to the National Grid.

HVDC technology offers one of the most efficient means of transmitting large amounts of power over long distances.

Helene Bistrom, Head of Business Area Wind at Vattenfall, said:

'Developing state of the art HVDC technology like this and having such strong partners on board, underlines our position as one of Europe's leading developers in offshore wind. We are very proud of this deal, which is an important step forward to fossil free living within one generation and a major opportunity for supply chain companies to contribute to one of the largest offshore wind zones in the world.'

Hauke Jurgensen, Senior Vice President High Voltage Grids at Siemens Energy, said:

'The expansion of renewable energy is more important than ever - in order to achieve the energy transition, and to curbs the threats of climate change, but also to increase energy security. We look forward with Vattenfall and Aker Solutions to accelerate the development of offshore wind'.

Kenneth Simonsen, Senior Vice President of offshore wind at Aker Solutions, said:

'The development of Norfolk Offshore Wind Zone could require up to three HVDC platforms in succession, which would provide more long-term predictability and positive repeat effects and standardization for the supplier industry. We are proud to support a project which meets the dual objective of developing local content while delivering low cost, green electricity to homes and businesses across the UK.'

Facts about Norfolk Boreas:

Located 47 kilometres off the Norfolk coast in south east Britain, with an installed capacity of 1.4GW, Norfolk Boreas is the first phase of Vattenfall's Norfolk Offshore Wind Zone. It will deliver its first power in 2027.

Once complete, the Zone can produce renewable energy equivalent to the needs for over four million households and save about six million tons of carbon dioxide.

Contact:

Tim Dunford

Director

UK Media Relations & Editorial

T: +44 7785 552 666

E: tim.dunford@vattenfall.com

Vattenfall Press Office

T: +46 8 739 5010

E: press@vattenfall.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AKER SOLUTIONS ASA -4.04% 35.6 Real-time Quote.58.68%
SIEMENS AG -1.24% 133.76 Delayed Quote.-11.29%
SIEMENS ENERGY AG -0.69% 16.575 Delayed Quote.-25.79%
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Financials
Sales 2022 28 360 M 29 834 M 29 834 M
Net income 2022 -449 M -473 M -473 M
Net cash 2022 1 795 M 1 888 M 1 888 M
P/E ratio 2022 -25,1x
Yield 2022 0,96%
Capitalization 11 846 M 12 462 M 12 462 M
EV / Sales 2022 0,35x
EV / Sales 2023 0,31x
Nbr of Employees 92 000
Free-Float 58,3%
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Last Close Price 16,58 €
Average target price 21,30 €
Spread / Average Target 28,5%
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Christian Bruch President & Chief Executive Officer
Maria Ferraro Chief Financial & Diversity Officer
Josef Kaeser Chairman-Supervisory Board
Laurence B. L. Mulliez Independent Non-Executive Member-Supervisory Board
GŘnter Augustat Member-Supervisory Board
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