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☆ 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

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

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

☆ 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 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

☆ Siemens Energy shares recover further as guarantee talks continue
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +3 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsFRANKFURT/BERLIN, Oct 30 (Reuters) - Shares in Siemens Energy continued their recovery on Monday, topping Germany's blue-chip index as concerns over the group's ability to post guarantees for big industrial projects eased. Siemens (SIEGn.DE), which owns a 25.1% stake in Siemens Energy, was up 1.6%. News of the talks pushed Siemens Energy's shares to a record low last week on concerns the issue around guarantees could have an impact on the group's balance sheet. Around half of that, or about 15 billion euros, needs to be covered by the government, banks and Siemens, the sources said.

Persons: Chris Helgren, Joe Kaeser, Kaeser, Christoph Steitz, Markus Wacket, Rachel More, Mark Potter Organizations: Siemens Energy, REUTERS, Siemens, German Economy Ministry, Reuters, Welt, Thomson Locations: Vancouver , British Columbia, Canada, FRANKFURT, BERLIN, downpayments

Oct 30 (Reuters) - 3D metal-printing startup Seurat Technologies on Monday hinted at potentially going public in the medium-term and said it had raised $99 million in a funding round co-led by chip designer Nvidia's (NVDA.O) venture capital arm. With the latest series C funding round, the company's valuation will approach $350 million, said a source who asked not to be named. The fundraise, co-led by Nvidia's NVentures and Capricorn's Technology Impact Fund, brought in new investors Honda Motor (7267.T) and Cubit Capital. Existing backers including Porsche and venture capital units of Xerox Holdings (XRX.O) and General Motors Co (GM.N) also participated. "Seurat's local factory deployment model provides the industry with a solution to near-shore manufacturing and to increase the resiliency of supply chains," said existing investor Porsche Automobil Holding's (PSHG_p.DE) board member Lutz Meschke.

Persons: Seurat, James DeMuth, Nvidia's NVentures, Porsche Automobil, Lutz Meschke, Akash Sriram, Devika Organizations: Technologies, Reuters, Technology, Honda Motor, Cubit, Porsche, Xerox Holdings, General Motors Co, Siemens Energy's, Thomson Locations: China, Massachusetts, Bengaluru

☆ Explainer: Why is Siemens Energy seeking $16 billion state guarantees?
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +5 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. To make sure it can get the guarantees to fulfil its order backlog, Siemens Energy has turned to the government. Siemens owns a 25.1% stake in Siemens Energy and has not ruled out helping. Siemens still provides around 7 billion euros of performance guarantees to projects Siemens Energy is working on, significantly down from the 40 billion euros at the time of the spin-off around three years ago. Apart from seeking guarantees from the government, banks and Siemens, Siemens Energy said it is "evaluating various measures to strengthen the balance sheet", without elaborating further.

Persons: Chris Helgren, Banks, Roland Busch, hade, Andreas Rinke, Christoph Steitz, Victoria Farr, Andres Gonzalez, Pablo Mayo, Alexander Huebner, Tom Kaeckenhoff, Josephine Mason, Susan Fenton Organizations: Siemens Energy, REUTERS, Siemens, International Chamber of Commerce, German Economy Ministry, SIEMENS, Triton, Pablo Mayo Cerqueiro, Thomson Locations: Vancouver , British Columbia, Canada, downpayments, Berlin, Frankfurt, London, Munich

☆ Siemens Energy shares slide 39% after company seeks guarantees from German govt
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees. Siemens remains an anchor investor in Siemens Energy, retaining a 25.1% stake. The government was ready to help Siemens Energy while stakeholders also will have to play their role, they said. J.P. Morgan said in a note that the energy transition will require substantially higher rates of investments, which will bring commercial opportunities for Siemens Energy and sector peers.

Persons: Chris Helgren, Siemens Gamesa, WirtschaftsWoche, Morgan, Matthias Inverardi, Christian Kraemer, Alexander Huebner, Vera Eckert, Friederike Heine, Miranda Murray, Sabine Wollrab, Rachel More, Jan Harvey, Susan Fenton Organizations: Siemens Energy, REUTERS, Companies Company, Siemens, Siemens AG, Reuters Graphics Reuters, Spiegel, European Commission, Siemens Gamesa, Thomson Locations: Vancouver , British Columbia, Canada, BERLIN, Berlin

☆ Exclusive: Siemens Energy considers factory, office closures at wind division -sources
▼ + stars: | 2023-10-09 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

The Siemens Gamesa sign is displayed at the renewable energy company's headquarters in Zamudio, Spain, April 28, 2022. Shares in Siemens Energy, which was spun off from Siemens AG (SIEGn.DE) in 2020, rose as much as 2.5% after the report. Siemens Energy Chief Executive Christian Bruch is under pressure to present a convincing turnaround plan for Siemens Gamesa after detailing far-reaching problems just a few months after assuming full ownership of the division. Bruch said in August that Siemens Gamesa would prioritise profitability and stability over growth, suggesting a brimming order book needed to lead to healthy profits. A spokesperson referred to comments from Bruch in August, who said the most important thing was to stabilise Siemens Gamesa and that Siemens Energy was looking at all options.

Persons: Vincent West, Christian Bruch, Bruch, Christoph Steitz, Alexander Huebner, Danilo Masoni, Alexander Smith Organizations: Siemens, REUTERS, Companies Siemens Energy, Siemens Energy, Siemens Gamesa, Siemens AG, Thomson Locations: Zamudio, Spain, FRANKFURT, Frankfurt

☆ Siemens Energy books $2.4 billion in charges for wind turbine issues
▼ + stars: | 2023-08-07 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

[1/2] The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The charges will inflate Siemens Energy's net loss more than six-fold in 2023 to 4.5 billion euros, the company said, as it published third-quarter results showing a record order backlog due to strong demand. Siemens Energy shares reversed an opening fall of as much as 7% to stand 1.5% higher on the day by 0725 GMT. "Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa," Siemens Energy CEO Christian Bruch said, adding that the group's remaining units, including gas turbines and power converter stations, performed well. While in line with Siemens Energy's own estimate of more than 1 billion euros, Monday's cost tally for the issues is below the most pessimistic market estimate of more than 5 billion euros issued by UBS.

Persons: Chris Helgren, Christian Bruch, Alix, Christoph Steitz, Barbara Lewis, Stephen Coates, Kirsten Donovan Organizations: Siemens Energy, REUTERS, UBS, Siemens, Siemens Gamesa, Alix Partners, Thomson Locations: Vancouver , British Columbia, Canada, FRANKFURT

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

☆ CNBC Daily Open: Skim off the froth
▼ + stars: | 2023-06-26 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. 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. Stock markets in Europe traded lower too. [PRO] Markets on an even footingMarkets may have declined last week, but CNBC Pro's Michael Santoli thinks there's still a "favorable underlying market trend."

Persons: Goldman Goldman Sachs, David Solomon, Solomon, Moody's, Wagner, Yevgeny Prigozhin, Alexander Lukashenko, Antony Blinken, Michael Santoli, there's Organizations: New York Stock Exchange, CNBC, Siemens, Moody's Investors, Wagner Group, Belarusian, U.S Locations: New York City, Europe, GreenSky, U.S, Russia, Rostov, Moscow

Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.

Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European

FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.

Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN

☆ Siemens Energy wind farm issues could have implications across whole sector: Analyst
▼ + stars: | 2023-06-23 | 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 wind farm issues could have implications across whole sector: AnalystNicholas Green, head of European capital goods at Alliance Bernstein, discusses the impact of Siemens Energy's more-than 1 billion euro ($1.09 billion) Gamesa wind-farm component issues.

Persons: Nicholas Green, Alliance Bernstein Organizations: Siemens Energy, Alliance, Siemens

The company has provided more than 132 gigawatts (GW) of wind turbines as of the end of April this year to all global regions: 108 GW of onshore wind and 22 GW of offshore wind. The discovery of faulty components at Siemens Gamesa's onshore wind turbines had already caused a charge of nearly half a billion euros in January. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide. Shares in European wind turbine producers Nordex (NDXG.DE) and Vestas (VWS.CO) also fell as confidence in the industry was shaken. Many wind power developers have already seen delays in projects due to the availability of components and rising costs.

Persons: Siemens Gamesa, Spain's, Denmark's, Nina Chestney, Christoph Steitz, Susan Fenton Organizations: Siemens Energy, Siemens, SIEMENS, WHO, Scottish Power Renewables, East Anglia, Poland's PGE, Siemens AG, Thomson Locations: Spain, Europe, Americas, Britain, North, Baltica, Baltic

☆ Siemens Energy scraps profit outlook as wind turbine troubles deepen
▼ + stars: | 2023-06-22 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

Issues at the company's Siemens Gamesa unit have been a drag on the parent, and the announcement marks the latest blow to Siemens Energy's efforts to get these under control following a full takeover of the business. Frankfurt-listed Siemens Energy shares were down 12.8% at 1849 GMT after the announcement, which follows the initial discovery of faulty components at Siemens Gamesa in January that caused a charge of nearly half a billion euros. Siemens Energy said that an extended technical review of Siemens Gamesa's installed turbine fleet and product designs was launched following that is says was a substantial increase in failure rates of components. "We are also reviewing assumptions critical to the existing business plans given productivity improvements are not materializing to the extent previously expected," Siemens Energy said. Problems at Siemens Gamesa had already caused Siemens Energy to tone down its profit outlook last month, expecting its profit margin before special items at the lower end of its 1%-3% target range for the fiscal 2023 year.

Persons: Siemens Gamesa, Christoph Steitz, Anirudh, David Gregorio, Conor Humphries Organizations: Siemens Energy, Siemens, Siemens Gamesa, Thomson Locations: Frankfurt, FRANKFURT, Bengaluru

☆ Siemens Energy cuts profit outlook as Siemens Gamesa woes continue
▼ + stars: | 2023-01-19 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

SummarySummary Companies Siemens Gamesa reveals higher warranty, maintenance costsProblems trigger 472 mln euro hit in Q1Parent Siemens Energy cuts 2023 profit outlookFrankfurt-listed Siemens Energy shares fall 4.8%FRANKFURT, Jan 19 (Reuters) - Siemens Energy on Thursday slashed its 2023 profit outlook after faulty components at the wind turbine fleet of its Siemens Gamesa unit led to higher warranty and maintenance costs, marking the latest setback in the group's troubled relationship. Siemens Energy shares were down 4.8% in late Frankfurt trade. Siemens Gamesa earlier reported a 760 million euro ($823 million) loss before interest and tax pre-purchase price allocation and before integration and restructuring costs for the first quarter, including a 472 million euro charge. Siemens Gamesa Chief Executive Jochen Eickholt, who joined the Spanish-listed firm from Siemens Energy last year, has already announced far-reaching job cuts and pledged to turn around the loss-making firm, the world's top maker of offshore wind turbines. Siemens Energy kept its outlook for sales excluding currency translation and portfolio effects, still expecting them to grow by 3%-7%.

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