Siemans Energy stocks fall 36% — turbines are degrading faster than expected
Siemens, Gamesa, Onshore Wind Turbine SG 6.6-170
The new onshore models have rotors 170 meters long | Siemens Gamesa
By Jo Nova
It’s a bloodbath in the wind industry.
Despite the wind being free, collecting it appears to cost a fortune. Siemens Energy lost a third of its stock price on Friday. Just like that, seven billion dollars in market value disappeared.
Only a month ago they were expecting to break even, as the Wall Street Journal reports, the executives appear to have been blindsided by the rapidly escalating maintenance costs. The problem is so bad, and perhaps fundamental, that shareholders in other turbine manufacturers are selling out. Vestas Wind fell 7% Friday.
The promise was that wind turbines would keep getting cheaper as they got bigger and better. Instead, issues are appearing now even in new installations, and people are starting to wonder if they’ve made the turbines too big too fast. The bearings and blades are wearing out, and the costs to fix them are crippling.
https://joannenova.com.au/2023/06/siemans-energy-stocks-fall-36-turbines-are-degrading-faster-than-expected/?utm_source=rss&utm_medium=rss&utm_campaign=siemans-energy-stocks-fall-36-turbines-are-degrading-faster-than-expected
