Siemens Gamesa seeks to cut costs
Siemens Gamesa’s losses deepen on rising costs
Turbine prices must rise to reflect manufacturers’ costs or risk impact on transition, says CEO
Wind turbine manufacturer Siemens Gamesa has revised down its earnings forecast for this year after reporting deepening losses for the third quarter as rising costs squeeze its profit margins in an “extremely challenging” market. The Spanish-German company expects a 5.5pc drop in Ebit for the full year, compared with a previous projection of a 4pc drop. Third-quarter Ebit showed a loss of €343mn ($350mn) compared with a €304mn loss in the previous quarter and a €151mn loss in the third quarter of 2021. The implied Ebit margin in the third quarter was minus 14pc. “Siemens Gamesa’s performance continued to be negatively affected by volatile market dynamics—inflation of energy, raw material and
Also in this section
19 December 2024
The utility-scale battery energy storage system market is evolving rapidly, with diverse offtake models emerging to offer bespoke, flexible contracting solutions
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
