Siemens Abandoning Nuclear Power Business

The New York Times (Sep 18 2011) Nuclear

1. Siemens, the largest engineering conglomerate in Europe, announced Sunday that following the German government’s decision to phase out nuclear power by 2022, it would stop building nuclear power plants anywhere in the world. “The chapter for us is closed,” Peter Löscher, the chief executive of the Munich-based conglomerate, said in an interview with Der Spiegel, the weekly news magazine. He emphasized the company’s commitment to the rapidly growing renewable energy sector. He said the decision was also “an answer” to political and social opposition to nuclear power in Germany. Siemens, which built all of Germany’s 17 nuclear power plants, is the first big company to announce such a shift in strategy. But other German companies involved in the nuclear energy industry are also reconsidering their options. (Read Full Article)

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