Siemens, the German energy and engineering giant, has been slower to move into the smart grid than fellow competitors like GE and Swiss-based ABB. But over the past year Siemens has seemed to be making up for lost time, announcing a flurry of new projects and partnerships, and saying that it wants to double its current growth rate in the smart grid sector to capture €6 billion ($8.48 billion) in global business over the next five years, compared to its current €1 billion ($1.41 billion) in estimated smart grid related revenues in the fiscal year ending Sept. 2009. So how exactly does Siemens plan to generate all that money? Well, as with fellow giant energy conglomerate General Electric, it’s sometimes easier to point to what Siemens is not doing than what it is doing in industries where it has a broad and sprawling interest. Here are our takeaways for what Siemens is, and isn’t, doing for the smart grid.

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