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☆ 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

☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

☆ Siemens Energy shares slide 32% after company seeks support from German government
▼ + stars: | 2023-10-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shares of Siemens Energy tumbled more than 32% on Thursday afternoon after the company sought guarantees from the German government. "The strong growth in order intake, particularly in the former Gas and Power business areas, leads to a rising need of guarantees for long-term projects," the company said in a statement. Siemens Energy said it has yet to decide its annual budget for 2024. "The wind business Siemens Gamesa is working through the quality issues and is addressing the offshore ramp up challenges as announced in the third quarter communication for fiscal year 2023," the company said. The wind power giant made headlines earlier this year, when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years.

Organizations: Siemens Energy, Gas, Siemens

☆ 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

☆ Siemens Energy in Talks With German Government for Financial Help
▼ + stars: | 2023-10-26 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: 1 min

Siemens Energy, a major European manufacturer of wind farms, power grids and natural gas turbines, said Thursday that it was in talks with the German government about securing financial guarantees to help it continue to build future large projects. The statement said preliminary talks were underway with banks and the government. News that the Munich-based company was seeking help spooked investors, sending its stock price down 35 percent. Siemens Energy’s difficulties could be a warning that financial problems weighing on makers of renewable energy equipment could be growing more severe. These businesses are expected to be integral to helping economies shift to cleaner energy, but many are struggling to grow fast enough.

Organizations: Siemens Energy, Siemens Locations: Munich

☆ Earnings will 'make or break' European stocks — here's what to watch, according to analysts
▼ + stars: | 2023-10-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investors will look to the upcoming earnings season to see whether stocks can recover from recent losses or if more declines are ahead. "All year, we've seen the steady weakening in European soft data and, more recently, hard data. In a note titled "Q3 Earnings - Make or break," Barclays analysts echoed that sentiment, suggesting that despite resilient earnings thus far, more mixed third-quarter economic indicators hint at equally varied results. UBS analysts have identified stocks that could surprise, both positively and negatively, when their earnings results are released in the coming weeks. Fowler said UBS analysts have historically been pretty accurate at predicting surprises, especially when combined with a value investing bias, which has tended to outperform.

Persons: Gerry Fowler, we've, Fowler, CNBC's, Fowler isn't, Emmanuel Cau, Stocks Organizations: UBS, Barclays, Santander, Ryanair, Siemens Energy, Nordic, Universal Music, AstraZeneca Locations: Europe

☆ Turbine troubles have sent wind energy stocks tumbling — and a slew of issues remain
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy made the headlines earlier this year when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years. It sparked concerns about wider problems across the industry and thrust Europe's wind energy giants' earnings into the spotlight. Read more:Deutsche had previously highlighted challenges in the wind turbine industry including supplier delays, lower tax credits and rising rates. Reliability issues Those surveyed by ONYX also expressed reliability concerns, with 69% expecting more reliability issues due to aging assets and 56% seeing problems associated with new turbine technology.

Persons: PAUL ELLIS, Kepler Cheuvreux, Morgan Stanley, Morgan, Ben Uglow, Ørsted, Read, —, Ashley Crowther, Crowther Organizations: Siemens, AFP, Getty, Siemens Energy, Grid Technologies, Siemens Gamesa, Gas, Grid, Deutsche Bank, Deutsche, Vestas, ONYX Locations: Hull , England, Ukraine

☆ Why the hydrogen tax credit has become a lightning rod for controversy
▼ + stars: | 2023-10-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +16 min

The proposed tax credit, 45V, is meant to turbocharge the production of low-emissions hydrogen. "The IRA's section 45V production tax credit is the most generous clean hydrogen subsidy in the world," Jesse Jenkins, professor of macro-scale energy systems at Princeton University, told CNBC. John Macdougall | Afp | Getty ImagesThe adjudication of the hydrogen tax credit has become about more than just the hydrogen tax credit, too. The amount of the hydrogen tax credit, which is available for 10 years, depends on the emissions generated in making hydrogen. If hydrogen is produced without releasing any carbon emissions, the tax credit is maxed out at $3 per kilogram of hydrogen.

Persons: that's, It's, Jesse Jenkins, John Macdougall, Wilson Ricks, Jenkins, Ricks, Rachel Fakhry, electrolyzers, Andriy Onufriyenko, Eric Guter, Josef Kallo, H2FLY, Guter, Phil Musser, Shannon Angielski, Angielski, Shi, Fakhry Organizations: Istock, Treasury, Princeton University, CNBC, Daimler Truck Holding, Afp, Getty, Energy, Research, Princeton, Natural Resources Defense Council, Power, Singularity, Air Products, Bloomberg, Air, Products, Hydrogen Company, European, EU, NextEra Energy, Hydrogen Future Coalition, BP, Duke Energy, Exxon Mobile, General Electric, Siemens Energy, American, Shell, Hydrogen, Coalition Locations: Biden's, United States, U.S, Berlin, additionality, Maribor, Slovenia, Oxagon, Saudi Arabia, Wilbarger County , Texas

☆ Berlin needs to get its act together after state election results, former Siemens CEO says
▼ + stars: | 2023-10-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Joe Kaeser delivers a speech during the Siemens Annual Shareholders' Meeting on February 3, 2021 in Munich, Germany. Pool | Getty Images News | Getty ImagesThe results of two state elections in Germany sent "a clear message" to Berlin that the government needs "to get their act together," Joe Kaeser, chairman of the Supervisory Board at Siemens Energy, told CNBC. The execution I think is something which has potential for improvement," Kaeser, the former CEO of Siemens, said in an interview with CNBC's Annette Weisbach Tuesday. The far-right Alternative for Germany (AfD) party gained votes in the two key regions. The AfD's candidate in Hesse, Robert Lambrou, had anticipated that voters would swing toward his party, saying that people were "heavily disappointed by the policy of the government."

Persons: Joe Kaeser, CNBC's Annette Weisbach, Angela Merkel's, Robert Lambrou, Kristalina Georgieva Organizations: Siemens, Getty, Board, Siemens Energy, CNBC, Conservative, Christian Democratic Union, CDU, Christian Social Union, Social Democrats, Greens, Free Democrats, IMF Locations: Munich, Germany, Berlin, Hesse, Bavaria, Germany's

☆ Joe Kaeser: State elections were a clear message to Berlin to get its act together
▼ + stars: | 2023-10-10 | 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 EmailJoe Kaeser: State elections were a clear message to Berlin to get its act togetherJoe Kaeser, chairman of the Supervisory Board at Siemens Energy, discusses growth in Germany and recent state elections.

Persons: Joe Kaeser Organizations: Board, Siemens Energy Locations: Berlin, Germany

☆ 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

☆ Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, but some scientists are skeptical
▼ + stars: | 2023-10-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Saudi oil giant Aramco on Monday announced a partnership with Siemens Energy AG to develop a small-scale direct air-capture "test unit" in an attempt to manage emissions. The test unit will be built in Dhahran, Saudi Arabia and finished in 2024, according to a statement from Aramco on Monday. The DAC collaboration between Aramco and Siemens Energy is still in early phases. Given DAC's adolescence, both oil companies are invested in other clean energy technology projects. The spokesperson for Siemens Energy said that the company has invested in hydrogen, wind, nuclear fusion and others.

Persons: Jonathan Foley, Foley, Cara Horowitz Organizations: Saudi Aramco, Monday, Siemens Energy AG, Aramco, International Energy Agency, Amazon, Frontier, UCLA's, DAC, Siemens Energy, CNBC Locations: Saudi, Aramco, Dhahran, Saudi Arabia

☆ Siemens is case study in China de-risking dilemma
▼ + stars: | 2023-10-04 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +9 min

That’s unsettling for the likes of Siemens, $62 billion carmaker Volkswagen (VOWG_p.DE) and $39 billion chemicals group BASF (BASFn.DE). Factor in the German group’s 32% stake in Siemens Energy (ENR1n.DE) and 75% holding in Siemens Healthineers (SHLG.DE), currently worth 46 billion euros, and it adds up to 156 billion euros. The unit and Siemens’ Airport Logistics unit, which press reports say could be another divestment candidate, may only be worth 4 billion euros combined. Moreover, Kaeser already tried to boost Siemens’ valuation by partially spinning off subsidiaries. As of September, Siemens had bought back 2.5 billion euros of shares since starting a 3 billion euro share repurchase programme in November 2021.

Persons: Roland Busch, France’s Legrand, Busch, Joe Kaeser, he’s, Kaeser, Germany’s Bundesbank, Siemens, Goldman Sachs, Judith Wiese, George Hay, Oliver Taslic Organizations: Reuters, Siemens, Germany’s, Barclays, Reuters Graphics Reuters, Volkswagen, BASF, Software, Dassault, Automation, ABB, Smart Infrastructure, Siemens Energy, Siemens ’ Mobility, France’s Alstom, CRRC Corporation, Siemens ’ Airport Logistics, Siemens Healthineers, Toshiba Corp, Energy, BNP, Bloomberg, Financial Times, Thomson Locations: China, Brussels, Beijing, Germany, EMEA, Swiss, Middle Kingdom, Republic, Shenzhen, Sichuan, Chengdu, Southeast Asia, Indonesia, Vietnam, Thailand

☆ Siemens Gamesa has fix for onshore wind turbine problem
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Aug 11 (Reuters) - Siemens Energy (ENR1n.DE) has fixed quality issues at onshore wind turbines it is currently selling to customers, the CEO of the group's wind division Siemens Gamesa said on Friday, adding the group had made progress with its turnaround. Of those charges, 1.6 billion euros are earmarked for quality issues around rotor blades and gears for its latest onshore turbine models, the 4.X and 5.X, of which roughly 2,900 are in the field. "In other words, the identified problems have been addressed and it is now a matter of rectifying them in the respective wind turbines that are already in the field." Eickholt pointed out that Siemens Gamesa had raised prices, reduced damage liabilities and become more selective over new projects to raise profitability. While conceding the group's "current situation is self-inflicted", he said market conditions were unfavourable for wind turbine makers, many of which have been struggling with losses in the wake of rising inflation.

Persons: Siemens Gamesa, Jochen Eickholt, Eickholt, Christoph Steitz, Friederike Heine, Mark Potter Organizations: FRANKFURT, Siemens Energy, Siemens, Siemens AG, Thomson

☆ Siemens’ spreading rot obscures elusive value
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeLONDON, Aug 10 (Reuters Breakingviews) - Siemens’ (SIEGn.DE) problems are no longer affecting just its periphery. Shares in its spun-out unit Siemens Energy (ENR1n.DE) have lost more than 40% this year due to faulty wind turbines. Chief Executive Roland Busch pointed the finger at China, saying slowing demand in Siemens’ third biggest market was to blame. Siemens shares fell as much as 7% on the news. Siemens shares are now trading over 30% below JPMorgan’s valuation based on a sum of the parts calculation.

Persons: Mike Blake LONDON, Roland Busch, Busch, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Siemens, Coaster, REUTERS, Reuters, Siemens Energy, West, Twitter, Thomson Locations: Oceanside , California, U.S, China, Chengdu, Shenzhen

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ Italian bank tax flip-flop leaves lasting scars
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson

☆ Satellite reunion creates a bit of breathing space
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.

Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California

☆ Italy’s bank tax may be anything but “one-off”
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.

Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary

☆ Abrdn’s turnaround is a work in progress
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.

Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson

☆ 'Once-in-a-lifetime' opportunity: Morgan Stanley's stocks to trade Europe's renewable energy boom
▼ + stars: | 2023-08-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named several stocks to play Europe's investment in renewable energy — and highlighted a "once-in-a lifetime" opportunity in the electricity sector in particular. Earlier this year, the European Union raised its renewable energy targets in the face of the energy crisis that followed Russia's invasion of Ukraine. The bank estimated the transition to green power sources will cost around 5 trillion euros ($5.5 trillion) between now and 2030. Growth opportunity "The EU and UK renewables targets imply significant growth investment opportunities for renewable developers," the bank said. Though Morgan Stanley is positive on the opportunities for renewable energy companies, it said the EU's targets would be "hard to achieve."

Persons: Morgan Stanley, Morgan, Jens Eisenschmidt, Orsted, Centrica, Michael Bloom, Sam Meredith Organizations: European Union, Grid, EU, Siemens Energy, British Gas Locations: Ukraine

☆ Siemens Energy CEO says this quarter has been 'very demanding' amid wind turbine troubles
▼ + stars: | 2023-08-07 | 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 CEO says this quarter has been 'very demanding' amid wind turbine troublesChristian Bruch, CEO of Siemens Energy, discusses the German firm's latest earnings and its recent troubles regarding wind turbines.

Persons: Christian Bruch Organizations: Siemens Energy

☆ Siemens Energy’s flop puts brakes on green race
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

An offshore wind turbine of the Siemens Gamesa company is seen from the Telde coast on the island of Gran Canaria, Spain, May 2, 2022. REUTERS/Borja SuarezLONDON, Aug 7 (Reuters Breakingviews) - Siemens Energy’s (ENR1n.DE) growing wind woes will have wider repercussions. The $13 billion German group unveiled on Monday a 2.2 billion euro ($2.4 billion) charge because of quality issues linked to its troubled wind turbine unit Siemens Gamesa. A previous profit warning in June, also linked to malfunctioning turbines, erased a third of Siemens Energy’s stock market value. Bruch says he is now prioritising the profitability of Siemens Gamesa, implying a pause over plans to add more wind capacity.

Persons: Borja Suarez, Jefferies, Siemens Gamesa, Reuters Breakingviews, Christian Bruch, Bruch, Yawen Chen, headwinds, Lisa Jucca, Oliver Taslic Organizations: Siemens, Gran Canaria, REUTERS, Borja Suarez LONDON, Reuters, Siemens Energy, Investors, Siemens Gamesa, JPMorgan, Global, Twitter, Thomson Locations: Gran, Spain, Germany

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