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☆ Siemens Energy changes leadership at embattled wind turbine unit
▼ + stars: | 2024-05-08 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, May 29, 2020. The German renewables firm Siemens Energy announced Wednesday that the CEO of its troubled wind turbine unit will be replaced amid "comprehensive restructuring measures." "In a very difficult situation at Siemens Gamesa, Jochen laid the central foundations for the urgently needed reorganization and new start within Siemens Energy. It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO," said Siemens Energy CEO Christian Bruch in a statement. Siemens Energy suffered a rough 2023.

Persons: Jochen Eickholt, Vinod Philip, Jochen, Christian Bruch, Gamesa Organizations: Energy Facility, Siemens Energy, Siemens Gamesa Locations: Energy Facility California

☆ Siemens Energy to be active in onshore and offshore going forward, CEO says
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemens Energy to be active in onshore and offshore going forward, CEO saysSiemens Energy CEO Christian Bruch discusses the German renewables firm’s latest quarterly earnings and provides an update on the outlook.

Persons: Christian Bruch Organizations: Siemens Energy

☆ Siemens CEO Hits Out Against Extremism in Germany
▼ + stars: | 2024-02-08 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Siemens Chief Executive Roland Busch on Thursday criticised the rise of extremism in Germany, the latest business leader to voice concerns about sharpening political divisions in the country. "I'd like to state loud and clear: extremism of any kind hurts this country," Busch said in a speech to shareholders at Siemens's annual general meeting in Munich. "And this naturally includes all those who come to Germany and want to contribute themselves and their skills." Siemens Energy supervisory board chairman Joe Kaeser last month warned of a resurgence of right-wing extremism in Germany, saying a policy of mass deportation was "absolutely disgusting". Siemens currently employs around 88,000 people in Germany, its second biggest market after the United States, and is investing $1 billion in a new high tech production and research centre in Erlangen, near Nuremberg.

Persons: Roland Busch, Busch, Joe Kaeser, Peter Boehringer, John Revill, Gareth Jones Organizations: Reuters, Siemens, Siemens Energy Locations: Germany, Munich, United States, Erlangen, Nuremberg

☆ Siemens Energy swings to profit on order surge, sale of Indian stake
▼ + stars: | 2024-02-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Siemens Energy swung to profit in its first fiscal quarter on the back of a surge in orders and a one-off gain from selling a stake in its Indian affiliate to parent company Siemens . The German renewables firm reported a 1.58 billion euro ($1.7 billion) net profit, driven by the sale of its 18% stake in India's Siemens Limited for 2.1 billion euros. Siemens Energy posted a 23.9% year-on-year increase in orders to 15.4 billion euros, with a book-to-bill ratio of 2.01, pushing its order backlog to a record high of 118 billion euros. Siemens Energy suffered a tough 2023, as problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year. "We have just shy of 42 billion in backlog in our Siemens Gamesa business — this is also a record order backlog.

Persons: Siemens Gamesa, Maria Ferraro, Ferraro Organizations: Siemens Energy, Siemens, India's Siemens, Siemens Gamesa, CNBC

☆ Siemens Energy working through wind turbine quality issues, CFO says
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemens Energy working through wind turbine quality issues, CFO saysMaria Ferraro, chief financial officer at Siemens Energy, discusses the German renewables company's fiscal first-quarter earnings and efforts to address quality issues at its wind turbine unit.

Persons: Maria Ferraro Organizations: Siemens Energy

☆ People must be honest about compromises needed for energy transition: Siemens Energy chair
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeople must be honest about compromises needed for energy transition: Siemens Energy chairJoe Kaeser, chair of Siemens Energy's board, discusses how to move forward with the green energy transition and his outlook on German inflation and the economy.

Persons: Joe Kaeser Organizations: Siemens Energy, Siemens

☆ German public gloom more concerning than rise in inflation, Siemens Energy chair says
▼ + stars: | 2024-01-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Joe Kaeser, chair of Siemens Energy, is more concerned by gloomy public sentiment in Germany than he is by the recent rise in inflation. The former chief executive of German conglomerate Siemens said base effects and the monthly and quarterly price readings meant he was not overly focused on the annual headline inflation figure. People are downbeat, everybody's asking what's going to be next, what's in [it] for me. That's what we need to explain to people, so they are more upbeat again," Kaeser told CNBC at the World Economic Forum. Kaeser said the German government needed to present a roadmap on energy, jobs and economic growth, and move past current industry disputes.

Persons: Joe Kaeser, what's, Kaeser Organizations: Siemens Energy, Siemens, CNBC, Economic Locations: Germany

☆ Siemens Energy shares down 11% as investor day underwhelms
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsMILAN, Nov 21 (Reuters) - Germany's Siemens Energy (ENR1n.DE) shares turned sharply lower on Tuesday to fall as much as 11%, with traders citing profit taking as the company held its capital markets day (CMD). The shares have risen 80% from October's record low after the group said it was in talks with the German government about state guarantees following big setbacks at its wind unit, Siemens Gamesa. On Tuesday, Siemens Energy said Siemens Gamesa plans to cut costs by around 400 million euros ($436.28 million). ($1 = 0.9168 euros)Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado, Danilo Masoni, Amanda Cooper Organizations: Siemens Energy, REUTERS, Germany's Siemens Energy, CMD, Siemens, Thomson Locations: Frankfurt

Miniatures of windmill and electric pole are seen in front of Siemens Gamesa logo in this illustration taken January 17, 2023. One Frankfurt-based trader said the investor event, where Siemens Gamesa disclosed around 400 million euros in cost cuts by 2026, was bringing "no new insights". At 1610 GMT, shares in Siemens Energy, in which Siemens AG (SIEGn.DE) owns a direct 25.1% stake, were still down 6.3%. Siemens Gamesa will likely cut onshore turbine capacity outside Europe and outsource the production of some components, the division's Chief Executive Jochen Eickholt said, outlining the group's restructuring roadmap. Reuters last month reported that Siemens Gamesa was considering shutting plants and sales offices as well as outsourcing some production.

Persons: Dado Ruvic, Siemens Gamesa, Christian Bruch, Jochen Eickholt, Eickholt, Christoph Steitz, Tom Kaeckenhoff, Danilo Masoni, Madeline Chambers, Miranda Murray, David Evans Organizations: Siemens, REUTERS, Siemens Energy, Siemens Gamesa, Siemens AG, Reuters, Thomson Locations: Europe, FRANKFURT, DUESSELDORF, Frankfurt

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ Siemen Energy's rescue package 'is not state aid,' company CEO says
▼ + stars: | 2023-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemen Energy's rescue package 'is not state aid,' company CEO saysSiemens Energy CEO Christian Bruch discusses state guarantees offered to the energy company and the outlook for the energy industry.

Persons: Christian Bruch Organizations: Siemens Energy

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. A producer of key equipment such as gas turbines, converter stations and wind turbines, Siemens Energy is viewed by the German government as vital to its energy transition from fossil fuels to renewables. Frankfurt-listed shares in Siemens Energy were up 3% at 0757 GMT. Siemens Gamesa, once considered the future growth driver for Siemens Energy, has become a millstone around the group's neck after deeper-than-expected wind turbine quality issues were disclosed in June. As part of the financial backing agreed with stakeholders, Siemens Energy said it would sell an 18% stake in Indian firm Siemens Ltd (SIEM.NS) to Siemens AG at a discount of 15%, confirming a previous Reuters story.

Persons: Dado, Christian Bruch, Spain's, Christoph Steitz, Linda Pasquini, Mark Potter Organizations: Siemens Energy, REUTERS, Siemens, Siemens Gamesa, Siemens AG, Reuters, Siemens Ltd, Thomson Locations: Frankfurt, MUNICH

☆ Morning Bid: UK inflation to test market's upbeat mood
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

Ten-year and two-year Treasury yields dropped 20 basis points and the dollar marked its steepest selloff in a year, highlighting how much markets' expectations - and cash - were riding on the data. A pivot from hikes to cuts is now priced for May in the interest rate futures markets, with a 30% chance it happens as soon as March. Expectations are for a big shift down for October, mainly due to falling energy prices, with annual headline inflation seen slipping below 5% for the first time since 2021. Chipmaker Infineon (IFXGn.DE) and troubled energy company Siemens Energy (ENR1n.DE) post earnings on Wednesday, although the latter's numbers are likely to be overshadowed by Tuesday's promise of an $8 billion government backstop from Germany. A drop is forecast, while a strong reading could dampen the exuberance over rate cut expectations.

Persons: Kevin Coombs, Tom Westbrook, Sterling, Al, Xi Jinping, Joe Biden, Tuesday's, Biden, Tom Wesbtrook, Edmund Klamann Organizations: REUTERS, U.S, CPI, Infineon, Siemens Energy, Alstom, Target, San Francisco Bay Area, Thomson Locations: London, Britain, East, Israel, Gaza, Al Jazeera, United States, China, Singapore, Germany, San Francisco Bay

☆ Siemens Energy clinches state guarantees as it posts a 4.6 billion euro annual loss
▼ + stars: | 2023-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Siemens Energy has secured 7.5 billion euros ($8.15 billion) in project-related state guarantees from the German government, hours before announcing a nearly 5 billion euro loss for its fiscal year. Problems with manufacturing faults at its wind turbine subsidiary Siemens Gamesa led Siemens Energy to scrap its profit forecast earlier this year. The guarantees are intended to insure the company's customers on prepayments and execution of contracts in order to shore up its huge 112 billion euro order book. On Wednesday, the company reported an annual net loss of 4.6 billion euro for its fiscal year, compounded by a fourth-quarter net loss of 870 million euros. The company denied the fiscal guarantees constitute "state aid," with Siemens Energy CEO Christian Bruch telling CNBC on Wednesday that there is no cash involved.

Persons: Christian Bruch, Bruch, it's, CNBC's Organizations: Siemens Energy, Siemens AG, Private, Siemens, CNBC

Siemens Energy is a key player in Germany’s energy transition and employs some 26,000 people in the country. The company’s difficulties have served as a warning that financial problems weighing on makers of renewable energy equipment could be growing more severe. Siemens Energy is the parent company of Siemens Gamesa, one of the world’s leading wind turbine makers. What Happens Next: Siemens Energy opens its books. On Wednesday, Siemens Energy will announce its earnings for the fiscal year that ended on Sept. 30.

Persons: Chancellor Olaf Scholz, Siemens Gamesa, Denmark’s Orsted Organizations: Siemens Energy, Germany, Siemens, Air Liquide Locations: Berlin, French, Denmark, Spain, New Jersey, United States, Frankfurt

☆ Germany puts up $8 billion to rescue huge green energy company
▼ + stars: | 2023-11-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The German government is putting €7.5 billion ($8 billion) of taxpayer cash on the table to secure the rescue of troubled wind turbine-maker Siemens Energy, a company of vital importance to the country’s energy transition. The deal to “secure the company” has been in the works for several weeks, the ministry said, noting that the federal government had been “in intensive contact” with Siemens Energy, Siemens and private lenders. The firm, which had revenue of about €29 billion ($32 billion) in its last fiscal year, also makes gas-powered turbines and electrolyzers for hydrogen energy production, among a raft of other products. It needs the financial guarantees to deliver on its €110 billion ($119 billion) pipeline of orders, according to the ministry. “We are pleased with the German government’s clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success,” a spokesperson for Siemens Energy told CNN.

Persons: ” Organizations: London CNN, Siemens Energy, Siemens, CNN, Reuters Locations: Berlin, ” Germany, Europe’s, Russia, Moscow, Ukraine

☆ German government supports Siemens Energy with $8 bln guarantees
▼ + stars: | 2023-11-14 | by ( Christian Kraemer | ) www.reuters.com time to read: +3 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. Private banks were expected to provide Siemens Energy with guarantees worth 12 billion euros while Siemens Energy would seek another 3 billion from other sources, the statement said, adding it was conditional on the final sign-off of all parties. "We are pleased with the German government's clear support for Siemens Energy and the commitment to the rapid implementation of projects to make the energy transition a success," Siemens Energy said in a statement. Shares in Siemens AG rose 2.7% at 1517 GMT on the deal while Siemens Energy shares were up 0.3%. Siemens AG, which spun off Siemens Energy in 2020, is also expected to provide support by buying most of the 24% stake Siemens Energy owns in Siemens Ltd (SIEM.NS), an Indian joint venture, sources have told Reuters.

Persons: Dado, Marco Buschmann, Buschmann, Christian Kraemer, Alexander Hübner, Christoph Steitz, Linda Pasquini, Madeline Chambers, Matthias Williams, Kirsti Knolle, David Evans Organizations: Siemens Energy, REUTERS, Rights, Siemens AG, Reuters, Siemens Ltd, Siemens, RTL, ntv, Thomson Locations: Indian

☆ Spanish government in talks with banks to support Siemens Gamesa
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsMADRID, Nov 14 (Reuters) - The Spanish government said on Tuesday it is working with banks to provide financial support to Siemens Gamesa, with the ultimate aim of protecting the workers the company employs in the country. "The future of Siemens Gamesa in Spain is a priority for the government," the Industry Ministry said in a statement. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide and has warned troubles with its onshore wind turbines could take years to resolve. In Spain, the industry minister considers the government has several avenues of funding and support for the wind industry in the short term.

Persons: Dado, Siemens Gamesa, Corina Pons, Stephen Coates Organizations: Siemens Energy, REUTERS, Rights, Siemens Gamesa, Industry Ministry, Siemens, Thomson Locations: Rights MADRID, Germany, Spain

☆ Wind power industry in moment of reckoning as stocks fall and earnings crumble
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.

Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S

☆ Wind woe opens door for alternative green ideas: podcast
▼ + stars: | 2023-11-09 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 9 (Reuters Breakingviews) - Shares of Orsted and Siemens Energy are being battered by their inability to boost profits. In this Viewsroom podcast, Breakingviews columnists explain how trouble in offshore wind may encourage investors to back other clean energy segments like battery storage, cables and solar. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Siemens Energy, Thomson

☆ Siemens Energy sees electrolyser sales topping 1 billion euros mid-term
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBERLIN, Nov 8 (Reuters) - Siemens Energy (ENR1n.DE) expects more than 1 billion euros ($1.1 billion) in revenues over the medium-term from its hydrogen electrolyser manufacturing business, one of the company's board members said on Wednesday. Anne-Laure de Chammard spoke to journalists on the sidelines of the opening of Siemens Energy's first electrolyser factory in Berlin, a joint venture with France's Air Liquide (AIRP.PA). Asked about the progress of those talks, de Chammard said: "We will provide more information in a later moment." For the electrolyser project that aims to produce electrolyser capacity of up to 3 gigawatts per year, Siemens Energy has received 15 million euros ($16 million) in government funding for research and development, de Chammard said.

Persons: Dado Ruvic, Anne, Laure de Chammard, De Chammard, de Chammard, Riham Alkousaa, Christina Amann, Christoph Steitz, Mark Potter Organizations: Siemens Energy, REUTERS, Rights, Siemens, France's, Thomson Locations: Berlin

☆ CNBC Daily Open: A cool jobs report heats up markets
▼ + stars: | 2023-11-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning weekStocks and bonds in the U.S. rallied in tandem on Friday as markets digested jobs data and rebounded from October lows. Musk's GrokElon Musk's new AI company, xAI, released Grok, a generative artificial intelligence chatbot similar to ChatGPT. But Buffett's company did register a loss of $24.1 billion in the third quarter because of drops in Apple's shares.

Persons: nonfarm, That's, Grok Elon, Grok, Berkshire Hathaway, Stocks, Piper Sandler Organizations: Los Angeles, CNBC, Siemens, India's Siemens Ltd Locations: Los Angeles , California, U.S

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

☆ Orsted’s losing US bets need rethink of UK plans
▼ + stars: | 2023-11-01 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Turbulent news has buffeted the wind sector of late, from faulty turbines at Siemens Energy (ENR1n.DE) to Orsted’s own surprise impairments in August. After that surprise – largely caused by suppliers’ issues – Orsted’s stock price is just a fifth of its 2021 peak of 1,350 Danish crowns. That suggests investors are neither counting on future growth from its U.S. portfolio nor sufficiently factoring in Orsted’s earnings from operating projects. That’s a far cry from the annual average increase of 14% from 2023 onwards implied by Orsted’s EBITDA target of up to 55 billion Danish crowns in 2030. Hornsea Three would require capital investments of 48.5 billion Danish crowns, according to Bernstein.

Persons: Mads Nipper, Nipper, Orsted, Bernstein, Orsted’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Siemens Energy, Reuters Graphics Reuters, U.S ., Thomson Locations: SINGAPORE, United States, New Jersey, Danish, U.S . East Coast

☆ Brace for the Wind and Electric-Vehicle Bailouts
▼ + stars: | 2023-10-30 | by ( Allysia Finley | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellyFord assured investors last week that its generous deal with the United Auto Workers wouldn’t threaten its profitability. The same can’t be said of its electric vehicles, which lost $3.1 billion during the first nine months of this year. Those losses will doubtless grow, and anyone who thinks Washington won’t give auto makers another bailout should think again. Last week Munich-based Siemens Energy , one of the world’s top wind manufacturers, said the German government is prepared to extend as much as €16 billion (or $16.9 billion) in state guarantees to rescue it.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Ford, Washington Organizations: Reuters, United Auto Workers, Siemens Energy Locations: Munich

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