Siemens sees no slackening in European gas-to-power

Gas-to-oil conversions are nonetheless presenting the turbine maker with opportunities

“If you look at our customers, we see that fleet utilisation, interestingly enough, so far remains stable in all regions. We have not yet seen any signs of change in customer behaviour when it comes to gas turbines.” So says Christian Bruch, CEO of hardware manufacturer Siemens Energy. In other words, in Siemens’ experience, Europe’s gas-fired power plants have not yet responded to record high prices by reducing output. “In light of normal fluctuations which you have between the quarters, the utilisation rate is relatively stable,” Bruch continues, even “during the time when the gas price [has been] relatively high”. “You have to keep in mind that only roughly 20pc of [Europe’s] gas consumpt