Siemens to withdraw from nuclear energy business

20 September 2011 (Last Updated September 20th, 2011 18:30)

Germany-based engineering firm Siemens has said it will withdraw from the nuclear energy business to concentrate on expanding its renewable energy activities.

Germany-based engineering firm Siemens has said it will withdraw from the nuclear energy business to concentrate on expanding its renewable energy activities.

The decision is in line with the German Government's resolution to phase out nuclear power by 2022, in the wake of the Fukushima nuclear disaster, which occurred in Japan in March.

Siemens will also cancel the long-planned joint venture with Russian nuclear firm Rosatom.

German Chancellor Angela Merkel said that the 17 nuclear reactors, which contribute 23% of electricity production in the country, would be shut down by 2022.