Curreen Capital Partners, LP on Siemens Energy
Thesis
Siemens Energy owns major power-generation and electricity-transmission businesses alongside a wind-turbine operation undergoing a turnaround. The company was separated from Siemens in 2020. After years of weak electricity demand in developed economies, Curreen sees the company benefiting from a renewed cyclical boom in power infrastructure. AI-related electricity demand is providing an additional structural boost to that cycle.
“After many years of weak electricity demand in OECD countries, Siemens Energy is benefiting from a cyclical boom that has been boosted by AI's demand for electricity.”
Key risks
- The wind-turbine business remains a turnaround.
- The thesis is partly exposed to a cyclical boom in electricity infrastructure spending.