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A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Costly failures at wind turbine manufacturer Siemens Gamesa last month sent shares of parent company Siemens Energy tumbling, and analysts are concerned about wider teething problems across the industry. The German energy giant scrapped its profit guidance in late June, citing a "substantial increase in failure rates of wind turbine components" at its wind division Siemens Gamesa. He said that 20 years ago, a typical wind turbine would have 1 million watts of capacity; today, European original equipment manufacturers, or OEMs, are testing 15 MW turbines. The Statistical Review of World Energy report published last week revealed that wind and solar power accounted for 12% of the world's power generation last year, with wind power output increasing by 13.5%.
Persons: Christian Bruch, Nicholas Green, , Christoph Zipf, Zipf Organizations: Siemens, Siemens Energy, Siemens Gamesa, CNBC, World Energy Locations: Hull , England
Below are the events, trends and topics investors expect to shape the outlook for emerging markets next year. "The economic downturns along with the aggressive monetary tightening and geopolitical and commodity shocks that induce them will be temporarily painful in financial and emerging markets," said David Folkerts-Landau, group chief economist at Deutsche Bank. Globally, the war has transformed energy markets and inflation pressures, food security and geopolitical risk perception - factors that are often more keenly felt in emerging economies. "There's not actually a lot of debt maturing next year," said Carmen Altenkirch, emerging markets sovereign analyst at Aviva Investors. 6/ TURKEY ELECTIONSPresident Tayyip Erdogan could face the biggest political challenge of his two decades in power as Turks head to the ballot box in the most high-profile vote in emerging markets.
But even if the bloc's 27 member countries reach agreement on the plan, to enforce it they must overcome rising costs and uncertainties linked to power market reforms triggered by the price surge linked to war in Ukraine. As energy prices have increased all costs, including of the materials needed for renewable infrastructure, investment models built on low prices for renewably-produced electricity are in doubt. RECORD PRICES, EXTREME UNCERTAINTYFar-reaching inflation, driven by expensive energy, has led governments to seek to cap wholesale energy costs and consider reforming markets after years of stability. The wholesale benchmark German baseload front year electricity price hit a record above 1,000 euros per megawatt hour (MWh) on Aug. 29. Beyond the short-term fixes, the EU plans a major overhaul of its electricity market to decouple the price of electricity from the price of gas.
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