Siemens Energy Soars as Chairman Says ‘No Need’ for State Money

-- Siemens Energy AG climbed the most on record after supervisory board chairman Joe Kaeser pushed back against suggestions the troubled turbine maker may need a taxpayer-funded bailout from the German government.How This Israel-Hamas Conflict Is Like Nothing That’s Happened Before

The company confirmed on Thursday that it’s in talks with the government. According to people familiar with the matter it’s seeking loan guarantees worth as much as €16 billion for future projects.Siemens Energy earlier this year forecast a €4.5 billion loss for fiscal 2024 despite assurances it had finally come up with a plan to address problems with certain wind turbines at its Spanish Gamesa division. S&P in July downgraded it to BBB- from BBB.

“If you read ‘state aid’ as an investor then panic is pre-programmed. Especially in an already highly nervous market,” Kaeser told Welt am Sonntag. “In fact, it is predominantly about how the enormous growth opportunities in the area of wind energy and energy transmission can be supported, through order guarantees if needed.”The Energy Chief Trying to Get the UK to Speed Up Carbon Capture

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