“We continue to see capacity adjustments, overcapacity” and therefore continued pricing pressure in the renewables business, Loescher said today during a call with analysts.
Siemens, which today said profit from its renewable business declined 48 percent to 36 million euros ($44 million) in the third quarter, sees “no deterioration but also no reason to believe that we’re seeing a positive development” in that industry, Loescher said.
Western turbine makers including Siemens, General Electric Corp. and Denmark’s Vestas Wind Systems A/S (VWS) are suffering from increased competition from Asia. Siemens’ new renewable orders declined 68 percent to 525 million euros.
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