Siemens Energy Kicks Off Pickering Refurbishment as UK SMR Turbine Work and Grid Software Deal Broaden Its Nuclear-and-Network Story
Published on 09/22/2026 at 17:31 | Editorial boerse-global.de
Siemens Energy has moved from contract signature to active execution on one of its largest Canadian undertakings, with construction now underway on the refurbishment of the Pickering Nuclear Generating Station in Ontario. A consortium pairing construction firm Aecon with Siemens Energy Canada is handling the replacement of turbine and generator equipment, a package valued at CAD 1.3 billion.
The stock responded to the milestone with a 1.4% gain, closing at EUR 145.30.
Four Reactors, 38 More Years
The Ontario project is designed to stretch the operating life of four Pickering reactors by as much as 38 years. The units will be taken offline in stages through the end of September, with the main construction phase slated to begin in January 2027 once the Canadian Nuclear Safety Commission (CNSC) grants approval. Under the consortium's remit, 14 steam turbine rotors will be swapped out and four generators given a full overhaul. The contract also covers new auxiliary, control and monitoring systems for the generating equipment. When the full scope of work wraps up, the station is expected to feed up to 2,200 megawatts back into the grid.
A Parallel Push Into Grid Software
While the nuclear refurbishment advances, Siemens Energy is also deepening its footprint in grid infrastructure. The company is acquiring the Euto Energy group, a specialist in software-defined platforms, in a move aimed at bolstering its capabilities in substation digitalization and energy automation. The deal is intended to accelerate the global development of modern grid architectures — an area gaining urgency as rising volumes of intermittent renewable generation place heavier demands on control systems, lifting the value of intelligent hardware and software alike. Rödl provided legal and tax counsel on the transaction.
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Wind Sector Watches the Policy Calendar
Regulatory questions formed the backdrop at the WindEnergy trade fair in Hamburg, where subsidiary Siemens Gamesa is among the exhibitors. Industry associations including the German Wind Energy Association (BWE) used the opening of the event to flag uncertainty stemming from planned reforms to the Renewable Energy Sources Act (EEG) and revised grid connection rules.
UK Turbine Manufacturing Marks a European First
On a separate front, Siemens Energy is opening up a new business lane through small modular reactors. According to media reports, the company announced on 7 September that it will manufacture turbines in the United Kingdom for the Rolls-Royce SMR project — the first production effort of its kind in Europe. The initiative is geared toward supplying specialized turbine technology for compact nuclear power plant designs, giving Siemens Energy a foothold in an additional segment of the European energy market. The move underscores a broader effort to extend industrial manufacturing expertise into new nuclear technologies, positioning the group early in an area that could grow in importance for future power supply.
The stock added 1.9% on the previous Monday, finishing the session at EUR 143.34.
Board Buying and a Record Quarter
Purchases of company shares by members of the supervisory board are typically read by the market as a vote of confidence in the group's longer-term trajectory. The fundamental case behind that optimism came from the third quarter of fiscal year 2026, when the company reported record figures for order intake, revenue and operating margin on 5 August. Reuters subsequently reported a clearly positive share price reaction to the interim results, with the numbers underlining sustained strong demand for grid and energy-transition equipment.
Analyst Support After Management Talks
Additional backing has come from the research community, with the assessment following direct discussions with CEO Christian Bruch. The analysis house likewise takes a positive view of the company's fundamental starting position.
Since the start of the year, Siemens Energy shares have gained 21%. The combination of conventional power plant orders and investment in grid infrastructure forms the operating foundation, while the entry into technology niches such as SMR turbine manufacturing adds a strategic dimension to the group's future direction. Investors are rewarding the mix of a stable order pipeline and strategic momentum for growth ahead.
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