No Power, No AI: How Siemens Energy, NU E Power and Micron Aim to Benefit from Infrastructure, Projects and Efficiency

Siemens Energy: Record Quarter and Full Order Books

Investors looking to generate and transmit electricity can hardly avoid Siemens Energy. The Munich-based conglomerate builds gas and steam turbines, transformers, switchgear, and complete grid connections—not to mention its wind subsidiary, Siemens Gamesa. These products are currently in short supply because data centres, electrification, and grid expansion are simultaneously tying up capacity. The boom in artificial intelligence is thus playing into the Munich-based company's hands, as delivery times and prices are rising significantly. Anyone ordering a large turbine today will wait years for delivery. The bottleneck lies on the supply side.

On August 5, the company reported its third-quarter results. Order intake totaled EUR 17.9 billion, the order-to-revenue ratio was 1.57, and the order backlog stood at EUR 162 billion. Revenue rose by 18.5% to EUR 11.4 billion, with earnings before special items at EUR 1.6 billion. By comparison, the figure for the same quarter last year was just EUR 497 million. On August 11, the company received an order from Babcock & Wilcox for 20 steam turbine sets, each with a capacity of 50 megawatts (MW). Together, these amount to 1 gigawatt for AI data centres.

The company has confirmed its revised forecast. For fiscal year 2026, it expects comparable revenue growth of 14 to 16%, a margin before special items of 10 to 12%, net income of around EUR 4 billion, and free cash flow before taxes of approximately EUR 8 billion. Siemens Gamesa, the wind power subsidiary that has long been struggling, also returned to profitability for the first time since the 2022 fiscal year. If the company succeeds in further ramping up turbine and grid-technology production, it can gradually convert the order backlog into profit. The annual figures in November will show how the company is progressing on this path.

NU E Power: Portfolio Expands, Financing Closes

Electricity from the grid is of little use to a data centre if there is no connection available at the site. Someone has to secure the land, obtain permits, and coordinate with the grid operator. One such company is NU E Power. The Calgary-based company develops integrated energy parks for compute-intensive and industrial customers. The portfolio currently totals 1,112.25 MW gross, with a net capacity of 613.94 MW, spread across North America and Mongolia. In Alberta alone, Cluster 3 of the AESO grid operator's process includes 503.5 MWac gross, or 251.75 MWac net. Also in the pipeline is the Darkhan Energy Park in Mongolia, an early-stage joint development project. The project remains in a highly speculative, stage-gated phase. No binding agreements are currently in place for construction, financing, or power sales.

In July 2026, NU E Power signed a non-binding letter of intent for a planned 50/50 joint venture with Seoul-based Green Harbor Partners to procure turbines manufactured in Korea. According to NU E Power's July 6, 2026 release, Green Harbor manages and advises on more than 2.5 GW of global power generation assets. This claim has not been independently verified. The partnership could allow NU E Power to bypass the long delivery times of Western manufacturers. On July 30, a strategic partnership with the mining company Luxxfolio was added. Together, they are evaluating sites where generation and computing loads can be generated directly side by side. This will potentially eliminate grid fees and connection wait times. The Luxxfolio collaboration is an agreement to evaluate, and any specific arrangement is subject to further due diligence.

On August 12, the company closed the second tranche of an oversubscribed private placement totaling CAD 3,860,053 at CAD 0.15 per unit. This was followed on August 24 by a non-binding letter of intent regarding the 145 MWac Hays Solar project, including battery storage, for approximately CAD 7.25 million. For now, the project remains clearly development-driven, as Hays currently has neither a final grid connection agreement nor a power purchase agreement. Completion of the acquisition remains subject to seven conditions precedent. The company has also strengthened its management team. On August 25, John Windsor was appointed COO, effective August 31. On August 31, the company reported its second-quarter results, showing a loss of CAD 1.41 million due to development costs and administrative expenses. Just one day later, Peter Espig was appointed to the Board of Directors. The company is not yet generating revenue. If the Cluster 3 connection is secured, the megawatts currently on paper could turn into contracts.

Micron: Tight Memory Supply and Energy-Efficient Modules

The more expensive the kilowatt-hour, the more important it is to maximise the computing power it delivers. Memory is the underrated factor here. Micron, headquartered in Boise, Idaho, manufactures DRAM, NAND, and, above all, HBM—the high-speed memory that sits right next to every AI accelerator. At the same time, the American company is driving the development of energy-efficient modules for use in data centres. According to its own measurements using a large language model, LPDDR5X consumed about 73% less energy than DDR5 while delivering five times the throughput. Every watt saved counts.

At the "Hot Chips 2026" conference from August 23 to 25, the company revealed how much silicon this high-speed memory requires. For the same capacity, HBM requires about three times the wafer area of DDR5 and costs about five times as much per bit. In a package containing two graphics processors, memory accounts for about 90% of the silicon area. An HBM4 die features 256 banks, while a DDR5 die has only 32. An HBM3E die delivers 256 GB/s, whereas a DDR5 die delivers just around 8 GB/s. Whoever can supply these chips will have the upper hand.

Computing power is growing about three times faster than memory bandwidth. Demand is thus outpacing production. On August 26, it was announced that the fourth-quarter figures will be published on September 30, 2026. Expanding capacity costs money, and HBM ties up wafers that are then unavailable for standard memory. The memory market has never been a calm business, but right now it seems irrational. If the Americans succeed in further ramping up HBM production, this shortage could translate into higher prices for years to come. September 30 will bring more clarity.

Power is the bottleneck in artificial intelligence, and all three companies operate at different points along that bottleneck. Siemens Energy supplies the hardware, has an order backlog like never before at EUR 162 billion, and is now generating healthy profits from it. NU E Power aims to secure locations and partnerships and raised fresh capital in August. Micron supplies the storage that powers data centres, as well as the more energy-efficient modules for them. The US company will report its earnings on September 30. All three companies are positioned to benefit from the growing demand for electricity and the infrastructure required to power AI.