Turbine manufacturers post major losses
GE and Siemens Gamesa Renewable Energy have announced multimillion-dollar losses over 2021 and the past quarter, while Vestas posts cautious 2022 guidance
Two of the world’s largest wind turbine manufacturers have suffered heavy losses in the past quarter as the result of supply chain disruption and policy uncertainty. Spain’s Siemens Gamesa has announced a loss of €289mn ($326mn)—primarily from its onshore wind business—in the first quarter. The company says that pandemic-related supply chain disruptions are now expected to last longer than previously anticipated and have resulted in cost inflation for wind turbine manufacturing. Siemens Gamesa also says that its 6.6MW turbines, launched in 2019 and being installed in projects throughout Europe, have faced a number of challenges, including some necessary design changes. However, the company’s
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