{"id":275641,"date":"2023-08-26T14:32:53","date_gmt":"2023-08-26T12:32:53","guid":{"rendered":"https:\/\/climatescience.press\/?p=275641"},"modified":"2023-08-26T14:32:55","modified_gmt":"2023-08-26T12:32:55","slug":"siemens-energys-wind-turbine-problems-could-cost-4-5-bln-euros","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=275641","title":{"rendered":"Siemens Energy\u2019s wind turbine problems could cost 4.5 bln\u00a0euros"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

So much for \u201ccheap wind power\u201d!<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

BERLIN, Aug 23 (Reuters) \u2013 Siemens Energy\u2019s (ENR1n.DE) problems at its onshore wind turbine business could cost the company up to 4.5 billion euros ($4.9 billion), Germany\u2019s Manager Magazin reported on Wednesday citing unidentified sources.<\/strong><\/em><\/p>\n\n\n\n

Siemens Energy shocked markets in late June when it announced several problems at Siemens Gamesa, one of the world\u2019s biggest wind turbine makers, just weeks after it fully acquired the business it had only partly owned.<\/em><\/p>\n\n\n\n


Earlier this month, the company announced 2.2 billion euros in charges, including 1.6 billion euros to fix the onshore wind problems \u2013 short of analysts\u2019 worst-case estimates but still casting doubt over whether it would keep the business.<\/em><\/p>\n\n\n\n


According to Wednesday\u2019s report, a special committee made up of CEO Christian Bruch and members of the board had conducted simulations showing the cost of the onshore problems could be almost three times as high as the amount set aside.<\/em><\/p>\n\n\n\n


Shares in Siemens Energy briefly dropped in response to the report.<\/em><\/p>\n\n\n\n


A spokesperson at Siemens Energy referred to the company\u2019s Aug. 7 statement saying the cost of the onshore problems would amount to 1.6 billion euros.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

So much for \u201ccheap wind power\u201d!<\/p>\n","protected":false},"author":121246920,"featured_media":275645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820489,691820620,691822099],"class_list":{"0":"post-275641","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-siemens-energy","9":"tag-siemens-gamesa","10":"tag-wind-turbine-problems","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0Siemens-Gamesa-will-supply-36-units-of-its-SG-3.4-132-wind-turbine-for-the-Voltalia-wind-project-in-Brazil.jpg?fit=1440%2C720&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-19HP","jetpack-related-posts":[{"id":232792,"url":"https:\/\/climatescience.press\/?p=232792","url_meta":{"origin":275641,"position":0},"title":"Biggest Losers: Thousands Sacked As Germany\u2019s Wind Turbine Makers Face Financial Doom","author":"uwe.roland.gross","date":"07\/12\/2022","format":false,"excerpt":"Cut the subsidies to wind power and turbine makers soon fold.\u00a0Siemens Gamesa has\u00a0been axing hundreds of jobs in Europe and America\u00a0as the wheels come off the renewable energy gravy train.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/0594082ae47246.webp?fit=1120%2C630&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/0594082ae47246.webp?fit=1120%2C630&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/0594082ae47246.webp?fit=1120%2C630&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/0594082ae47246.webp?fit=1120%2C630&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/0594082ae47246.webp?fit=1120%2C630&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":267610,"url":"https:\/\/climatescience.press\/?p=267610","url_meta":{"origin":275641,"position":1},"title":"Crash Test Dummies: Wind Turbine Maker Siemens Suffers Massive Share Price\u00a0Slump","author":"uwe.roland.gross","date":"15\/07\/2023","format":false,"excerpt":"The world\u2019s wind turbine makers are bleeding cash; none of them are capable of turning a profit and all of them are facing financial ruin.","rel":"","context":"In \"CO2\"","block_context":{"text":"CO2","link":"https:\/\/climatescience.press\/?tag=co2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0Screenshot-2020-12-23-at-1.46.47-AM-1536x895-1.png?fit=1200%2C699&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0Screenshot-2020-12-23-at-1.46.47-AM-1536x895-1.png?fit=1200%2C699&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0Screenshot-2020-12-23-at-1.46.47-AM-1536x895-1.png?fit=1200%2C699&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0Screenshot-2020-12-23-at-1.46.47-AM-1536x895-1.png?fit=1200%2C699&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0Screenshot-2020-12-23-at-1.46.47-AM-1536x895-1.png?fit=1200%2C699&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":272313,"url":"https:\/\/climatescience.press\/?p=272313","url_meta":{"origin":275641,"position":2},"title":"How faulty wind turbines threaten to bring down a German industrial\u00a0powerhouse","author":"uwe.roland.gross","date":"09\/08\/2023","format":false,"excerpt":"Siemens warned on Monday that it was facing a \u20ac4.5bn (\u00a33.9bn) loss this year as a result of issues within its wind turbine division.","rel":"","context":"In \"Germany\"","block_context":{"text":"Germany","link":"https:\/\/climatescience.press\/?tag=germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0e8ce098bf480c0d0ca9ca9cbd4af017d.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0e8ce098bf480c0d0ca9ca9cbd4af017d.jpg?fit=1200%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0e8ce098bf480c0d0ca9ca9cbd4af017d.jpg?fit=1200%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0e8ce098bf480c0d0ca9ca9cbd4af017d.jpg?fit=1200%2C600&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/08\/0e8ce098bf480c0d0ca9ca9cbd4af017d.jpg?fit=1200%2C600&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":287785,"url":"https:\/\/climatescience.press\/?p=287785","url_meta":{"origin":275641,"position":3},"title":"Germany To Bail Out Siemens\u2019 Struggling Wind Turbine Division","author":"uwe.roland.gross","date":"13\/11\/2023","format":false,"excerpt":"Siemens Energy, facing significant losses, is in talks for up to 15 billion euros in guarantees, with the German state covering 80% of the initial funding. Siemens AG shares have plummeted over 70% since mid-June, with the company abandoning its 2023 profit outlook due to challenges in its wind turbine\u2026","rel":"","context":"In \"\u00d8rsted\"","block_context":{"text":"\u00d8rsted","link":"https:\/\/climatescience.press\/?tag=orsted-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/image-369.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":263965,"url":"https:\/\/climatescience.press\/?p=263965","url_meta":{"origin":275641,"position":4},"title":"Wind costs will remain high","author":"uwe.roland.gross","date":"26\/06\/2023","format":false,"excerpt":"The crash in Siemens Energy\u2019s share price on Friday has admirably highlighted an issue with wind costs that colleagues and I have been examining for more than a decade. The painful facts are that (i) wind generation, both onshore and offshore, is more expensive than we are being told and\u2026","rel":"","context":"In \"Costs\"","block_context":{"text":"Costs","link":"https:\/\/climatescience.press\/?tag=costs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":287799,"url":"https:\/\/climatescience.press\/?p=287799","url_meta":{"origin":275641,"position":5},"title":"Siemens Cancel Virginia Wind Blade\u00a0Factory","author":"uwe.roland.gross","date":"13\/11\/2023","format":false,"excerpt":"'Development milestones could not be met,' company says. Siemens-Gamesa-to-Double-Hull-Blade-Facility BY\u00a0KATE ANDREWS\u00a0\/\u00a0ROBYN SIDERSKY Amid failing turbine components and financial challenges, Siemens Gamesa Renewable Energy said Friday it has \u201cdiscontinued\u201d its plans to build\u00a0the nation\u2019s first offshore wind-turbine blade manufacturing facility\u00a0at the Port of Virginia\u2019s Portsmouth Marine Terminal. \u201cSiemens Gamesa will continue\u2026","rel":"","context":"In \"$200 million project\"","block_context":{"text":"$200 million project","link":"https:\/\/climatescience.press\/?tag=200-million-project"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/OIG-2023-11-13T120832.243.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/OIG-2023-11-13T120832.243.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/OIG-2023-11-13T120832.243.jpeg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/11\/OIG-2023-11-13T120832.243.jpeg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/275641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=275641"}],"version-history":[{"count":4,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/275641\/revisions"}],"predecessor-version":[{"id":275647,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/275641\/revisions\/275647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/275645"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=275641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=275641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=275641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}