Wind power giant makes huge loss – despite electricity price

The exaggerated climate crisis

Published 11 February 2023
- By Editorial Staff
Siemens SG 3.4-132 high wind site.

The Spanish-German wind turbine company Siemens Gamesa calls itself a world leader in wind power production. But despite record demand due to rising electricity prices, the company continues to make huge losses and calls for government support.

Siemens Gamesa recently announced that the group had booked a net loss of €884 million in the quarter October through December 2022, Fox News reports.

According to the company, the loss is due to higher maintenance costs and warranty provisions due to unspecified component failures within the installed wind turbine fleet.

This is more than double the net loss of €403 million the company made in the previous quarter.

– The negative development in our service business underlines that we have a lot of work ahead of us to stabilise our operations and return to profitability, Siemens Gamesa CEO Jochen Eickholt said in a statement.

It is now calling on taxpayers to solve the problem.

Further government action is needed to bridge the gap between ambitious targets and actual installations“, the company writes in a press release.


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