Siemens Energy plans U.S. power grids push to tap into IRA boost

• Siemens Energy is considering setting up production in the United States to help modernise the country's power grid, keen for a slice of what is expected to be a multitrillion-dollar market following the Inflation Reduction Act (IRA). The deliberations are part of a broader rethink at the German power conglomerate to expand its foothold in the United States, where it makes 15% of sales, as favourable regulation is providing a boost to renewables and hydrogen capacity that requires state-of-the-art energy networks. It also comes at a time when the United States and Europe are drawing up competing plans to make it more lucrative for industry, ranging from utilities to steelmakers, to expand businesses despite soaring energy and raw materials costs.