Siemens Energy’s Troubles Mount on Wind Turbine Flaws
- Gamesa unit cites high failure rate in some components
- Aggregate net losses to rise to $4 billion in past four years
Wind turbine blades at the Siemens Gamesa Renewable Energy SA plant in Le Havre, France.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Siemens Energy AG’s efforts to finally return to profitability have been dealt yet another blow by its struggling Spanish wind turbine business with more product quality issues coming to light.
The German gas turbine and grid technology maker now expects a 2023 net loss at around last year’s level, Siemens Energy said late Thursday, which would take deficits over the past four years to about €3.7 billion ($4 billion). Checks at its Siemens Gamesa unit uncovered costly flaws in its turbines, offsetting improvements in other business areas. The German company recently moved to fully control Gamesa to finally make headway on fixing protracted problems.