February 10, 2024 — The world’s three biggest wind power groups – Siemens Energy, Orsted and Vestas on Wednesday gave a sober view of the year ahead for an industry buffeted by project delays, equipment problems and inflation.
Siemens Energy, the world’s largest maker of offshore wind turbines, expects a 2024 loss before special items of around 2 billion euros ($2.2 billion) at Siemens Gamesa. The wind division has had to deal with the cost of addressing quality problems affecting some onshore models.
In addition, rising prices for raw materials and components as well as regulatory delays have caused writedowns and losses across the wind industry despite robust demand for renewable technology. Turbine makers have been particularly hit.
“You see the terms and conditions of the projects being too difficult for investors and project developers to take. So we are in a standstill,” said Danny van Doesburg, senior portfolio manager at Dutch APG Asset Management, which according to LSEG data owns stakes in Vestas, Orsted and Siemens Energy.