Siemens Energy’s share price fell 37 percent on June 23, when it turned out that the wind turbine problems were bigger than expected. Concerned that this was not a company-specific problem, the price of shares of other manufacturers also fell, albeit much less.
Why is this important?
In order to meet its climate goals, Europe is investing heavily in renewable energy. Solar and wind power currently provide 12 percent of global energy needs. Wind capacity grew 13.5 percent last year. It is partly because of this increase in volume that the problems arise.In the news: Wind turbine problems could make clean energy more expensive. This says CNBC.
“Due to the significant increase in wind turbine component failures,” Siemens Gamesa’s earnings forecast for the end of July has been canceled. Siemens Energy CEO Christian Bruch admitted that the problems were “more serious than he thought” and that “a lot is being covered up”.
- One reason could be the growth rate, Nicholas Green of Asset Manager believes
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