Shares in Siemens Energy plunged more than 37% on Friday after the company warned of costly problems at its wind turbine unit. The company said that it had found a “substantial increase in failure rates of wind turbine components” and that it would need to set aside more than €1 billion ($1.1 billion) to fix the problems.
The firm, which was established through the spinoff of Siemens’ former gas and power division, revealed late on Thursday that an examination of problems at the subsidiary Siemens Gamesa had revealed a “substantial increase in failure rates of wind turbine components.”
After the Spanish business discovered worse-than-anticipated quality faults at its onshore wind turbines, postponing turnaround efforts, the shares fell as much as 36%.
The Siemens Gamesa board has initiated an “extended technical review” aimed at improving product quality that the parent company said will incur “significantly higher costs” than previously assumed, now estimated to be in excess of $1.09 billion, CNBC reported.
“It is too early to have an exact estimate of the potential financial impact of the quality topics and to gauge the impact of the review of our assumptions on our business plans,” Siemens Energy said in a statement.
“However, based on our initial assessment as of today, the potential magnitude of the impact leads us to withdraw the profit assumptions for Siemens Gamesa and consequently the profit guidance for Siemens Energy Group for fiscal year 2023.”
Siemens Energy CEO Christian Bruch told journalists on a call Friday that “too much had been swept under the carpet” at Siemens Gamesa and that the quality issues were “more severe than [he] thought possible,” according to Reuters.
It remains to be seen how Siemens Energy will be able to address the problems at its wind turbine unit. The company has said that it is working to fix the problems, but it is not clear how long it will take to do so. The problems could have a significant impact on the company’s earnings for the next few years.
The news of Siemens Energy’s problems is also a reminder of the risks associated with investing in the renewable energy sector. The renewable energy sector is a growing sector, but it is also a volatile sector. Investors should be aware of the risks before investing in the sector.
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