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%.

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Persons: Christian Bruch, Nicholas Green, —, Christoph Zipf, Zipf Organizations: Siemens, Siemens Energy, Siemens Gamesa, CNBC, World Energy Locations: Hull , England