The wind power giant makes a breakeven loss – despite the electricity price

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Published 4 February 2023 at 14.43

Economics. The Spanish-German wind turbine company Siemens Gamesa calls itself the world leader in wind power production. But despite the record high demand as a result of rising electricity prices, the company continues to make losses, reports Fox News.

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Siemens Gamesa recently announced that the group had posted a net loss of EUR 884 million, almost SEK 10 billion, in the quarter October to December 2022.

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.

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

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

Now the taxpayers are being demanded to solve the problem.< /p>

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