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Energy company Siemens plunged 40 percent on Friday after a profit warning. The company on Thursday evening canceled its earnings forecast for this year due to problems with the company wind turbines.
Why is this important?
The wind power sector is doing poorly, especially in Europe. Senior figures at the largest companies in the sector have been sounding the alarm for months and asking for help. Between almost total dependence on China and stifling inflation, they keep stressing that they don’t have enough resources to keep up with the pace of demand, which is spiraling out of control due to Europe’s climate targets.In the news: Siemens Energy is not looking at the (near) future through rose-tinted glasses.
- The company scrapped this year’s profit forecast because “the wind turbine problems are worse than expected.” Management acknowledged that repairs would be very expensive.
the details: This recognition was made by Jochen Eckholt, CEO of Siemens Gamesa, the group’s subsidiary specializing in wind energy.
- It is a bitter and serious setback
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