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...The comments by Siemens’ US chief executive come amid growing calls by Republican presidential candidates for the repeal of the IRA — Biden’s signature climate and energy policy — if they win next year’s...
...Siemens Energy’s chief executive has spent years carrying the buck for widening losses at the Gamesa wind turbine unit. The renewables group has just issued its second profit warning in four months....
...Dax-listed shares in Siemens Energy, which was spun out of its namesake German engineering conglomerate Siemens in 2020, fell 6 per cent to €11.14 by late Tuesday afternoon....
...Due to the difficulties at Siemens Gamesa and broader problems in the renewables financing market, the company warned on October 26 that without billions of euros in additional lending and credit guarantees...
...Siemens Energy was spun out of the German industrial conglomerate Siemens in 2020, a transaction that handed it a 67 per cent stake in Siemens Gamesa....
...The steep losses led to a funding crunch for Siemens Energy, as lenders panicked in an already challenging market for renewables financing....
...And the higher trading multiple of “renewables specialists” seems to contradict the huge write-offs that Ørsted and Siemens Gamesa recently recorded....
...Gamesa....
...Copenhagen Infrastructure Partners, a Danish investor with 120 gigawatts of renewable energy, including several wind projects, said it was “working proactively with Siemens to understand any potential impacts...
...its subsidiary Siemens Gamesa....
...Analysts said the struggles at Siemens Gamesa were symptomatic of a broader challenge across the renewable energy sector, which was confronting rising costs and tough competition on pricing....
...Rival Siemens Energy is experiencing product failures that have resulted in a spate of profit warnings after its acquisition of Gamesa....
...The £8bn Hornsea 3 project, to be built with 14-megawatt turbines made by German manufacturer Siemens Gamesa, is Ørsted’s single biggest investment decision....
...Germany’s government has agreed to provide €7.5bn of guarantees to embattled renewables giant Siemens Energy as part of a €15bn rescue package....
...Is renewable energy set for a renaissance? The sector has been hit by inflation, rising financing costs and project delays. Stocks have plummeted....
...On top of this, Gamesa may be blown off course by cost inflation and a slower than expected pick-up of production capacity. Financially, this will hit Siemens Energy hard....
...The DAX-listed supplier of products and services for the renewable and fossil fuel power industries said that the issues at Siemens Gamesa “demonstrate the challenges” of turning around the business, which...
...Meanwhile, Siemens Energy revealed last month it was in talks with the German government over funding support as its wind turbine division, Siemens Gamesa, struggles with technical problems with its products...
...It comes less than two weeks after Siemens Energy took full control of Siemens Gamesa to try and turn round the business following a string of profit warnings....
...Shares in Siemens Energy fell 34 per cent, or €2.5bn in market capitalisation terms....
...Even if Taiwan gets the balance right the country's experience holds lessons for other markets, Siemens Gamesa argues....
...I think that downturn has gone further and further [away] in time,” said Rich Voorberg, president of Siemens Energy North America, an energy technology group....
...This Lex note has been amended to correct the capacity of the Siemens Energy turbine....
...But Hamburg-based energy efficiency company 1Komma5 is hoping to survive where other renewables businesses have flopped....
...Big price moves in European stocks on Monday include Germany’s Siemens Energy, France’s Alstom, and Switzerland’s Alcon: Siemens Energy: The German company led risers on the region-wide Stoxx Europe 600...
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