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. The charges will lead to a net loss of 4.5 billion euros for the fiscal year to the end of September 2023, more than three times what Jefferies analysts had expected.

https://www.reuters.com/breakingviews/siemens-energys-flop-puts-brakes-green-race-2023-08-07/

 

Bottom Line Disaster!!