In Short : Siemens Energy is currently conducting a review of its wind unit setup following a significant loss of $5 billion. This evaluation reflects their commitment to addressing challenges, improving efficiency, and ensuring long-term success in the wind sector. Siemens Energy’s dedication to continuous improvement is admirable. In Detail : The group, which was […]
Siemens Energy Reports Q3-2023 Results, Addresses Quality Issues at Siemens Gamesa – EQ Mag
Siemens Energy, a prominent player in the global energy sector, has unveiled its financial performance for the third quarter of fiscal year 2023, marked by a series of developments and challenges at Siemens Gamesa. Siemens Energy’s revenue experienced a notable uptick, increasing by 8.0 percent to reach €7.5 billion. However, this positive momentum was accompanied […]
Siemens Energy scraps profit outlook as wind turbine troubles deepen – EQ Mag
New throughout, adds details and background Siemens Energy, which supplies equipment and services to the power sector, scrapped its profit forecast for 2023, citing deeper than expected problems at its wind turbine division that could cost the group more than 1 billion euros ($1.1 billion). “We are also reviewing assumptions critical to the existing business […]
Siemens Energy takes full control of Siemens Gamesa – EQ Mag
FRANKFURT : Minority shareholders of Siemens Gamesa on Tuesday approved a capital reduction for the remaining 2.21% stake parent Siemens Energy (ENR1n.DE) does not already own, paving the way for a full integration of the Spanish-based wind turbine maker. “This is an important step in preparing for full integration. Besides, the turnaround program at Siemens […]
Siemens Energy plans US power grids push to tap into IRA boost – EQ Mag
HAMBURG : Siemens Energy ENR1n.DE is considering setting up production in the United States to help modernise the country’s power grid, keen for a slice of what is expected to be a multitrillion-dollar market following the Inflation Reduction Act (IRA). The deliberations are part of a broader rethink at the German power conglomerate to expand […]
Siemens Energy tones down profit outlook on wind sector challenges – EQ Mag
FRANKFURT : Siemens Energy, which supplies equipment and services to the power sector, expects to hit the lower end of its profit margin target this year, the company said on Monday, adding its wind turbine division remained under pressure. “Our adjusted outlook reflects the strong demand, as well as the continuous challenging market environment in […]
Siemens Energy signs $200 mln deal with Brazil’s Eletrobras to upgrade transmission line – EQ Mag
SAO PAULO : Siemens Energy has signed a $200 million deal with Brazil’s Eletrobras to modernize a key electricity transmission line that runs from the gigantic Itaipu hydroelectric plant, a Siemens executive told Reuters. The project, worth some 1 billion reais ($199.87 million) and expected to be completed by 2026, will upgrade over 800 kilometers […]
Siemens Energy sells shares worth $1.33 billion to help fund Gamesa bid – EQ Mag
FRANKFURT/LONDON : Siemens Energy raised 1.259 billion euros ($1.33 billion) via the sale of new shares to help fund its takeover of wind turbine maker Siemens Gamesa. Siemens Energy in November launched a bid for the remaining stake it did not already own in Siemens Gamesa, frustrated by a number of profit warnings at the […]
Siemens Energy cuts profit outlook as Siemens Gamesa woes continue – EQ Mag
FRANKFURT : Siemens Energy ENR1n.DE on Thursday slashed its 2023 outlook after faulty components at the wind turbine fleet of Siemens Gamesa SGREN.MC led to higher warranty and maintenance costs, marking the latest setback in the group’s troubled relationship. The German supplier of equipment to the power sector, which was spun off from Siemens AG […]
Siemens Energy weighing bid for outstanding Siemens Gamesa stake – EQ Mag Pro
FRANKFURT/MADRID : Germany’s Siemens Energy is mulling a bid to buy the third of Siemens Gamesa it does not already own, the company said on Wednesday, hoping this will help it fix long-standing problems at the Spanish-listed wind turbine maker. Siemens Energy faces mounting shareholder pressure to seek control of Siemens Gamesa, in which it […]