{"id":285565,"date":"2023-10-29T11:46:26","date_gmt":"2023-10-29T10:46:26","guid":{"rendered":"https:\/\/climatescience.press\/?p=285565"},"modified":"2023-10-29T11:46:29","modified_gmt":"2023-10-29T10:46:29","slug":"wind-power-investors-abandon-siemens-energy-another-shocking-37-fall-and-its-not-alone","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=285565","title":{"rendered":"Wind-power Investors abandon Siemens Energy \u2014 another shocking 37% fall, and it\u2019s not alone"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

Shares of Siemens Energy crashed 37% in Germany.\u00a0The German company said, “The Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government.<\/em><\/strong><\/p>\n\n\n\n

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

From JoNova<\/a><\/p>\n\n\n\n

By Jo Nova<\/strong><\/p>\n\n\n\n

\"\"
Marketing fantasies from the Boom Times of Wind. Who were they kidding? |\u00a0Siemens Gamesa<\/a><\/figcaption><\/figure>\n\n\n\n

It\u2019s dire. After suffering a 36% fall in June due to unexpectedly bad maintenance bills, Siemens Energy has lost another 37% on Thursday as it revealed orders and revenue would be even lower than the current subdued expectations. The share that sold for 24 euro in May is now selling for 7.<\/p>\n\n\n\n

\"\"
Frankfurt Borse<\/a><\/figcaption><\/figure>\n\n\n\n

Things are so bad Olaf Scholz, Chancellor of Germany has even said Siemens Energy is \u201cvery important\u201d.  Apparently talks are \u201cintensive\u201d, which presumably means the company is on death\u2019s door and the German government is being asked to help save it.<\/p>\n\n\n\n

And so we arrive at a point where a company selling products that depend on government subsidies is now asking to be subsidized itself. And the whole green industry depended on government pumped \u201cscience\u201d and artificially low interest rates to exist in the first place. Like a pyramid scheme skiing on a two ponzi scams, sooner or later it has to collapse.<\/p>\n\n\n\n

Tyler Durden, ZeroHedge<\/em><\/strong><\/p>\n\n\n\n

Siemens Energy Shares Crash 37% As Renewable Bust Sparks \u2018Green Panic\u2019<\/a><\/h4>\n\n\n\n

Siemens Energy shares in Germany crashed on Thursday after the company warned<\/a> its wind turbine business is grappling with quality issues and offshore ramp-up challenges. The company said it\u2019s evaluating various measures to strengthen its balance sheet and is discussing state guarantees with the German government. This comes as a financial crisis in offshore wind energy is brewing<\/a>.<\/p>\n\n\n\n

The word is Siemens Energy is asking for up to 15 billion euros in guarantees<\/a>.<\/p>\n\n\n\n

UPDATE<\/strong>: Siemens Energy is a spin off from the larger separate giant Siemens which has a market cap of  100b Euro and 300,000 employees. The smaller energy division has 90,000 employees and a market cap of only 7b Euro now, but it was 30b a few years ago.  Siemens still owns 25% of the spin off energy division.<\/p>\n\n\n\n

The whole wind industry is down<\/h3>\n\n\n\n

Even the Guardian<\/em> is asking if something is is wrong in the whole wind industry<\/a>, albeit only as means of paving the way to ask for bigger subsidies.<\/p>\n\n\n\n

The windmill business has not recovered from the Siemen\u2019s June shock that bigger turbines was not always better, and ominously something was wrong which would cost an obscene amount to fix. It didn\u2019t bode well that the problem was narrowed down to either the rotor, the bearings \u201cor the design\u201d\u2013 which covered pretty much everything. By August Siemens Energy announced a jaw dropping annual loss of \u20ac4.5 billion<\/a>.<\/p>\n\n\n\n

Confidence is gone. In July the Swedish energy giant Vattenfall stopped work on the offshore wind farm plans off Norfolk.  In August the Danish wind firm \u00d8rsted lost 25%<\/a> after it revealed it may have to write off \u201d the value of its US portfolio by nearly \u00a32bn.\u201d  The share market was so skittish it wiped off nearly \u00a37bn in value that week. Overall the \u00d8rsted<\/a> share price has dropped by two-thirds from its peak in early 2021.<\/p>\n\n\n\n

The latest headlines on Orsted, say it all:<\/p>\n\n\n\n

Orsted: Sunrise Wind Project Likely to Be Ditched<\/a> After Failure to Get Extra Subsidies; Shares Cheap<\/h4>\n\n\n\n

A week ago Deutsche Bank  \u201cslashed its 12-month share price forecast for Danish energy giant \u00d8rsted by 36%, citing supplier delays, lower tax credits and rising rates.\u201d \u2014 CNBC<\/a><\/p>\n\n\n\n

Things haven\u2019t exactly been good for Vestas either:<\/h4>\n\n\n\n

Vestas is also down 30% this year.<\/p>\n\n\n\n

\"\"
Frankfurt Bors<\/a>e<\/figcaption><\/figure>\n\n\n\n

Despite massive subsidies, bountiful good intentions and Draconian regulations on fossil fuel competitors green energy doesn\u2019t work and Net Zero is pure fantasy.<\/p>\n\n\n\n

This is the rotor of the newest, largest offshore\u00a0Siemens SG 14MW\u00a0<\/a>. Look how big these machines are.<\/p>\n\n\n\n

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

It will theoretically end up propped up on a stalk 140 meters high over the ocean waves, or something like that. The blades are 115m long. Imagine fixing it.<\/p>\n\n\n\n

h\/t StJohnofGrafton<\/strong><\/p>\n\n\n\n

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

Shares of Siemens Energy crashed 37% in Germany.\u00a0The German company said, “The Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government. From JoNova By Jo Nova It\u2019s dire. After suffering a 36% fall in June […]<\/p>\n","protected":false},"author":121246920,"featured_media":285577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","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_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Shares of Siemens Energy crashed 37% in Germany.\u00a0The German company said, \"The Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking part","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"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":[691822437,691824085,691824084,691818197,691818051,691820489,691821274],"class_list":["post-285565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-orsted-2","tag-deutsche-bank","tag-financial-crisis-in-offshore-wind-energy","tag-german-government","tag-germany","tag-siemens-energy","tag-vattenfall","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0image-siemens-gamesa-113028.jpg?fit=2000%2C1125&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1chT","jetpack-related-posts":[{"id":287785,"url":"https:\/\/climatescience.press\/?p=287785","url_meta":{"origin":285565,"position":0},"title":"Germany To Bail Out Siemens\u2019 Struggling Wind Turbine Division","author":"uwe.roland.gross","date":"11\/13\/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":285815,"url":"https:\/\/climatescience.press\/?p=285815","url_meta":{"origin":285565,"position":1},"title":"Siemens Energy\u2019s Green Dream Meets Reality: Renewables in Distress","author":"uwe.roland.gross","date":"10\/30\/2023","format":false,"excerpt":"Things are so bad Olaf Scholz, Chancellor of Germany has even said Siemens Energy is \u201cvery important\u201d.\u00a0 Apparently talks are \u201cintensive\u201d, which presumably means the company is on death\u2019s door and the German government is being asked to help save it. From Watts Up With That? From ZeroHedge In a\u2026","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\/10\/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\/10\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/0da001cc0910f209d81601af0beeddd22.jpg?fit=1200%2C601&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":333274,"url":"https:\/\/climatescience.press\/?p=333274","url_meta":{"origin":285565,"position":2},"title":"Siemens Sinks: Germany\u2019s Top Wind Turbine Maker Sacks 4,100 Workers\u00a0Overnight","author":"uwe.roland.gross","date":"06\/19\/2024","format":false,"excerpt":"Remember how the wind and solar industries would create hundreds of thousands of highly-paid groovy \u2018green\u2019 jobs? No? Well, as it turns out, the few (highly subsidised) jobs created are disappearing like the sun over the horizon. Although, for the axed workers, there will be no reappearance the following day.\u2026","rel":"","context":"In \"Chief Executive Jochen Eickholt\"","block_context":{"text":"Chief Executive Jochen Eickholt","link":"https:\/\/climatescience.press\/?tag=chief-executive-jochen-eickholt"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/image-389.png?fit=1200%2C599&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/image-389.png?fit=1200%2C599&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/image-389.png?fit=1200%2C599&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/image-389.png?fit=1200%2C599&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/06\/image-389.png?fit=1200%2C599&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":272313,"url":"https:\/\/climatescience.press\/?p=272313","url_meta":{"origin":285565,"position":3},"title":"How faulty wind turbines threaten to bring down a German industrial\u00a0powerhouse","author":"uwe.roland.gross","date":"08\/09\/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":275641,"url":"https:\/\/climatescience.press\/?p=275641","url_meta":{"origin":285565,"position":4},"title":"Siemens Energy\u2019s wind turbine problems could cost 4.5 bln\u00a0euros","author":"uwe.roland.gross","date":"08\/26\/2023","format":false,"excerpt":"So much for \u201ccheap wind power\u201d!","rel":"","context":"In \"Siemens Energy\"","block_context":{"text":"Siemens Energy","link":"https:\/\/climatescience.press\/?tag=siemens-energy"},"img":{"alt_text":"","src":"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=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"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=1200%2C600&ssl=1&resize=350%2C200 1x, 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=1200%2C600&ssl=1&resize=525%2C300 1.5x, 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=1200%2C600&ssl=1&resize=700%2C400 2x, 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=1200%2C600&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":287799,"url":"https:\/\/climatescience.press\/?p=287799","url_meta":{"origin":285565,"position":5},"title":"Siemens Cancel Virginia Wind Blade\u00a0Factory","author":"uwe.roland.gross","date":"11\/13\/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\/285565","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=285565"}],"version-history":[{"count":7,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/285565\/revisions"}],"predecessor-version":[{"id":285578,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/285565\/revisions\/285578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/285577"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=285565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=285565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=285565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}