Siemens Energy onshore wind turbine problems limited
Markets erupted last week after Siemens Energy warned of quality problems at about 30% of its onshore fleet. However, developers of renewable energy projects say they have limited exposure to the wind turbines that are at the center of the issues.
The warning from Siemens sent its shares down by more than one-third. However, Citi said that none of the developers they spoke to were experiencing issues with onshore platforms. Those comments come after some other developers including RWE, Iberdrola, and Copenhagen Infrastructure Partners said this week that they had so far not observed any problems with their fleet of Siemens turbines.
Siemens withdrew its profit guidance for 2023 due to the problem, but the company said that it expects to be able to deliver on its orders. The company also said that it is working to fix the problems and that it expects to have a full resolution in place by the end of 2023.
The problems with the onshore wind turbines are a setback for Siemens Energy, which is the world's largest wind turbine maker. However, the company's share price has recovered some of its losses since the warning was issued, and analysts believe that the problems will not have a significant impact on the company's long-term prospects.
The problems with Siemens Energy's onshore wind turbines are a reminder of the challenges that the renewable energy industry faces. The industry is growing rapidly, but there are still some technical challenges that need to be overcome.
However, the fact that other developers have not experienced any problems with their Siemens turbines suggests that the problems are not widespread. This is good news for the renewable energy industry, as it means that the growth of the industry is not likely to be significantly impacted by the problems at Siemens Energy.
The problems with Siemens Energy's onshore wind turbines have raised questions about the quality control procedures at the company. Siemens Energy has said that it is working to improve its quality control procedures, and the company has also said that it is working to make its turbines more reliable.
Other wind turbine makers are also likely to review their quality control procedures in light of the problems at Siemens Energy. This is important, as it will help to ensure that the quality of wind turbines remains high and that the renewable energy industry can continue to grow.