, Columnist
Wind Power Is Caught in a Perfect Storm
An entire industry is in danger of dying from neglect unless governments simplify rules for developers and slash red tape.
Eye of the storm.
Source: Bloomberg
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Wind energy is meant to thrive in turbulent conditions. In 2023, the companies that seek to harness it are battening down the hatches.
Siemens Energy AG confirmed Thursday it was seeking German government support for loan guarantees to help it win contracts, sending the shares plummeting 35%. The total decline has been 68% since late June, when the maker of wind and gas turbines forecast a €4.5 billion ($4.8 billion) annual loss stemming in part from faulty products at its renewable unit Gamesa.