Siemens May Build New Wind Power Gear Plant

German industrial group Siemens (SIEMENS.NS) is considering building a new plant in Germany to produce parts for wind turbines, its chief executive told a German newspaper.

The move would help Siemens capitalise on a shift to renewable energy from fossil fuels that has hurt its gas turbines business and driven the company to cut more than a thousand jobs in Germany.

Joe Kaeser did not say where in Germany Siemens might build the plant, which would complement the company's wind-turbine plants in Denmark and England.

"Up to 1,000 new jobs could be created there in the long term," Kaeser told the Frankfurter Allgemeine Zeitung in an interview to be published on Saturday.

Kaeser also proposed an initiative to develop technology for storing renewable energy to be funded to the tune of about a billion euros ($1.1 billion) in equal parts by the government and industry.

"We should consider a national plan to develop storage technologies," he said.     

 (Reporting by Georgina Prodhan)