Financing the Utility Systems of Tomorrow

It’s great to see so many fantastic energy projects being designed and implemented across the globe as we look to fight the challenges that come with climate change. And, it’s important that as a society we ensure new renewable energy projects are funded as well as maintaining those already in place if we really do want to make a difference.

One company that strives to make an impact on the lives of people through various channels including healthcare, transportation, and manufacturing, is Siemens. The company is continually financing projects that matter wherever it can. With new technologies evolving at record speed, it’s paramount that we’re able to finance projects to get these products in place. Without finance, most renewable energy projects just wouldn’t have been possible. One such project is the Bayonne Energy Center (BEC) in New Jersey. Siemens helped to finance this project during its construction in 2010 and at various points since. Using this innovative technology electricity is transmitted from the BEC to New York City in under ten minutes.

People would like to use more green and renewable energy like hydro, wind and solar. Cheaper, reliable, green and also less carbon emission. On the other hand, energy storage is also a very important issue. It is a big challenge to keep everything in balance. But, Siemens develops its entire technology in this direction. And we use cost-efficient technology that reliable and flexible. This technology is helping to increase reliability by lowering prices. Kirk Edelman President / CEO of Siemens Financial Services Energy Finance Business.

To demonstrate just how important financing is when it comes to achieving the goals and values set out for society, Siemens established a “Finance Week” that consists of a series of five events in the US, Germany, India, Singapore, and the UK. One such event was called “Financing the Energy System of Tomorrow,” and was a collaboration between Siemens Financial Services (SFS) and the Massachusetts Institute of Technology Energy Initiative (MITEI). The event gave attendees a much deeper look into MITEI’s study, Utility of the Future. It demonstrated how the power generation and distribution sector will look in years to come and how it will help navigate it. Experts discussed how financing would help advance the power industry as well as the whole global energy economy. The conclusion that came from the event was that action needs to be taken to secure our global energy industry and that financing will be a given.

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