Siemens may cut thousands of jobs as part of plans to overhaul its power turbine business, where growth in renewable energy is dampening demand for new coal and gas power stations, a person familiar with the matter said. “Various scenarios are being considered,” the source said, adding that details of the changes at the Power & Gas division were still to be decided.

German monthly Manager Magazin earlier cited company sources as saying that Siemens could shut or sell up to 11 of its 23 Power & Gas sites around the world, which could include plants in the eastern German cities of Erfurt and Goerlitz, according to Reuters. Separately, Bloomberg cited sources as saying that Siemens also planned to restructure its Process Industries and Drives business, which could result in “substantial” job cuts.

Siemens said on Thursday it was continually thinking about its strategic direction, which could include consolidation of some businesses, but declined to say whether it was planning restructuring measures at specific businesses. Siemens has highlighted weakness at both the Power and Gas and the Process Industries divisions, indicating that restructuring was potentially in the pipeline.

The Power and Gas business is struggling with lower worldwide demand for the large electricity generating turbines that Siemens specialises in, which finance chief Ralf Thomas has said is a structural rather than a temporary problem. The division reported a 41 percent drop in orders and a worse than expected 23 percent fall in profits in its fiscal third quarter that ended in June. Process Industries and Drives was Siemens’s least profitable business in the quarter, with a profit margin of only 4.7 percent, as it suffered from weakness in demand for the large drives it supplies for power plants.