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Siemens Energy

All articles tagged with #siemens energy

businessindustry2 years ago•4 min saved

Siemens Energy Expands Operations in North Carolina, Creating Over 700 New Jobs

Siemens Energy is expanding its operations in North Carolina, creating 559 jobs and investing $149.8 million to establish its first manufacturing site in the United States for Large Power Transformers in Mecklenburg County. The expansion also adds positions to the company’s engineering operations in Wake County. The project is expected to strengthen the electrical grid, meet growing energy demand, and contribute to the state’s economy. The average salary for the new positions will be $87,036, and the project is facilitated by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee.

via NC.GOV (.gov)|

#businessindustry #economic-development #job-creation

energy2 years ago•2 min saved

"Ørsted's Turbulent Year: Job Cuts, Dividend Suspension, and Offshore Wind Market Exits"

Orsted, Siemens Energy, and Vestas, the world's top wind power developers and turbine makers, are anticipating another challenging year in 2024, following industry-wide difficulties in 2023. Factors contributing to the challenges include cost increases, rising interest rates, turbine quality issues, and project delays. As a result, the companies are suspending dividends and implementing cost-cutting measures to return to profitability. Orsted is also reducing its workforce and exiting certain offshore markets, while Siemens Energy is focusing on resolving quality problems in its onshore wind business.

via OilPrice.com|

#energy #offshore-wind #orsted

energy-industry2 years ago•3 min saved

"Challenges Buffet Wind Power Giants Amid Sector Troubles"

Siemens Energy, Vestas, and Orsted, the world's top wind power companies, are facing challenges including project delays, equipment issues, and inflation. Siemens Energy expects a 2024 loss of around 2 billion euros at its troubled wind division, while Vestas suspended its dividend and Orsted announced job cuts and a portfolio review. Despite robust demand for renewable technology, rising prices for raw materials and regulatory delays have impacted the wind industry, prompting the need for a reset in offshore wind market conditions to restore profitability.

via Reuters|

#energy-industry #orsted #renewable-energy

business2 years ago•2 min saved

"Siemens Energy Reports $1.55B Net Profit in Q1 Amid Order Surge"

Siemens Energy reported a 1.58 billion euro net profit in its first fiscal quarter, driven by a surge in orders and the sale of its stake in its Indian affiliate to parent company Siemens. The company's order backlog reached a record high of 118 billion euros, with a strong performance in its grid technologies division. Despite a tough 2023 due to quality issues at Siemens Gamesa, the company's Chief Financial Officer expressed optimism about the momentum shown across its businesses and the expectation for continued growth.

via CNBC|

#business #orders-surge #profit

finance2 years ago•3 min saved

European Stocks Soar on Positive U.S. and China Data

European markets opened higher as investors assessed data from the US and China. Siemens Energy shares rose over 7% after securing €7.5 billion in project-related state guarantees from the German government. French train manufacturer Alstom saw its shares plummet over 10% as it announced job cuts and asset sales. UK inflation fell to 4.6% in October, the lowest in two years. Analysts are divided on investing in the Chinese market, with some seeing opportunities while others remain bearish. Scotiabank identified 10 Canadian stocks as "prime candidates" for tax-loss harvesting.

via CNBC|

#alstom #chinese-economy #european-markets

business2 years ago•3 min saved

Germany's $8 Billion Support Bolsters Siemens Energy's Green Energy Projects

The German government has agreed to provide guarantees worth €7.5 billion ($8.1 billion) to Siemens Energy as part of a deal to support the troubled energy company and help fulfill its order book. The guarantees are part of a larger package totaling €15 billion, which includes guarantees from private banks and other stakeholders. Siemens Energy, which makes gas and wind turbines, is seen as a vital player in Germany's transition to renewable energy. The government's support reflects its view of the company's importance. The guarantees will not involve cash, but rather counter guarantees to private banks.

via Reuters|

#business #german-government #guarantees

business2 years ago•2 min saved

Siemens Energy's Green Energy Projects Secured with Rescue Loans

The German government has agreed to provide €7.5 billion in loan guarantees to Siemens Energy, a major manufacturer of wind farms, as part of a €15 billion financial package aimed at supporting the company's participation in large renewable energy projects. Siemens Energy, a critical player in Germany's energy transition, has been facing financial difficulties, highlighting the challenges faced by renewable energy equipment makers in securing investment funds. The company's subsidiary, Siemens Gamesa, has encountered problems with some of its wind turbines, leading to significant repair costs. Siemens Energy will announce its earnings for the fiscal year that ended on Sept. 30, with a large loss expected.

via The New York Times|

#business #germany #green-energy

finance2 years ago•6 min saved

European Markets Overcome Geopolitical Tensions and Contracting German Economy to Close Higher

European markets closed higher despite geopolitical tensions, with London-listed shares opening 0.8% higher. German gross domestic product recorded a 0.1% quarterly fall, slightly better than expected. HSBC reported a 235% rise in profit but lower than expectations, announcing an additional share buyback. Siemens Energy shares rose after the chair clarified that talks with the German government were about supporting growth, not state aid. U.S. stocks opened higher, gold miners are heading for their best month since March, and the 10-year U.S. Treasury yield topped 4.9%. The German economy remains "stuck in stagnation," and the WTO chief warned that global growth will be impacted if the Israel-Hamas conflict spreads. Japan's 10-year bond yield edged closer to an 11-year high as the Bank of Japan's meeting kicked off. Chinese tech giants still have value despite regulatory clampdowns, and an under-the-radar networking stock is set for an AI boost. European markets are expected to open mixed.

via CNBC|

#european-markets #finance #german-economy

business2 years ago•1 min saved

Siemens Energy's Shares Plummet as Government Support is Sought

Siemens Energy shares plummeted by over 32% after the company sought support from the German government, citing a rising need for guarantees for long-term projects. The company is evaluating measures to strengthen its balance sheet and is in preliminary talks with stakeholders, including banking partners and the government. Siemens Energy previously scrapped its profit forecast and warned of ongoing challenges at wind turbine subsidiary Siemens Gamesa.

via CNBC|

#business #german-government #guarantees

business2 years ago•2 min saved

Siemens Energy Takes $2.4 Billion Hit on Wind Turbines

Siemens Energy has announced that it will incur charges of €2.2 billion ($2.4 billion) due to problems in its wind turbine unit, resulting in a net loss of €4.5 billion in 2023. The company's shares fell by 5.6% following the disclosure. The issues include faults in rotor blades and gears in newer onshore turbines. While the charges are lower than the worst-case estimate of over €5 billion, it raises doubts about the future of the struggling business. Siemens Energy has also revised its sales and profit outlook and is currently reviewing its wind strategy, with all options on the table, including potential sales or winding down of parts of the wind business.

via Reuters|

#business #charges #losses

business2 years ago•1 min saved

Siemens Energy CEO admits rushing new products led to $2.4 billion wind turbine setback

Siemens Energy CEO Christian Bruch acknowledged that the company needs to slow down its introduction of new products after incurring 2.2 billion euros ($2.4 billion) in costs due to quality issues at its wind turbine subsidiary, Siemens Gamesa. The company's profit forecast was scrapped in June, and the board is currently reviewing the pervasive quality issues. Despite the financial setback, Siemens Energy reported strong growth in orders and revenue, with a record order backlog of 109 billion euros. Bruch emphasized the need to stabilize the business and ensure a profitable operation by slowing down the rapid rollout of new products.

via CNBC|

#business #financial-impact #product-rollout

energy2 years ago

Siemens Energy's Wind Turbine Woes Cause Record Stock Plunge.

Shares of Siemens Energy dropped after the company announced that it had discovered problems with the blades of a type of wind turbine it produces, leading to a halt in deliveries. The company said it was working to fix the issue, but the news caused concern among investors and led to a drop in stock prices. The incident highlights the challenges faced by renewable energy companies as they work to scale up production and meet growing demand.

via Financial Times|

#energy #renewable-energy #siemens-energy

business2 years ago•0 min saved

Siemens Energy and Gamesa face challenges with Q2 losses and adjusted outlook.

Siemens Energy's full-year financial performance expectations have been muted due to ongoing issues at wind turbine giant Siemens Gamesa, which widened its loss for the group's second quarter to €374m ($406m) before special items from a deficit of €301m a year earlier. Siemens Gamesa's profitability is being burdened by inflation, supply chain challenges, ramp-up of offshore activities, and onerous projects. The turbine manufacturer is continuing to implement a turnaround plan to address these challenges.

via Recharge|

#business #financial-performance #siemens-energy