on Monday a 2.2 billion euro charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. The charges will lead to a net loss of 4.5 billion euros for the fiscal year to the end of September 2023, more than three times what Jefferies analysts had expected.in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value.
Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity. That’s fair from a business point of view. But a dramatic dial-back may compromise renewable goals . Global turbine installations have already dipped 20% last year from 2021 levels, and are 32% below 2020, a record year. Although Siemens has been an outlier in its problems, Bruch’s concerns may be felt more widely.
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