Siemens Energy Shares Crash 37% As Renewable Bust Sparks 'Green Panic'
Siemens Energy Shares Crash 37% As Renewable Bust Sparks 'Green Panic'
https://www.windtaskforce.org/profiles/blogs/siemens-energy-shares-...
BY TYLER DURDEN
Siemens Energy shares in Germany crashed on Thursday after the company warned its wind turbine business is grappling with quality issues and offshore ramp-up challenges. The company said it's evaluating various measures to strengthen its balance sheet and is discussing state guarantees with the German government. This comes as a financial crisis in offshore wind energy is brewing.
Siemens Energy said the wind business Siemens Gamesa "is working through the quality issues and is addressing the offshore ramp up challenges as announced in the third quarter communication for fiscal year 2023."
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"As Siemens Gamesa is for the time being not concluding new contracts for certain onshore platforms and is applying strict selectivity in the offshore business, order intake and revenue are expected to be lower than market expectations for fiscal year 2024, and net losses and cash outflow are expected to be higher than market forecasts," the statement continued.
The German company said, "The Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth."
Shares of Siemens Energy crashed 37% in Germany.
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We have outlined for months a "financial crisis is unfolding in the offshore wind power industry" due to "soaring inflation costs have undercut the sector's growth and left major projects dead in the water just when their output is most needed."
Two months ago, Orsted A/S, the world's largest offshore wind farm developer, saw shares crash in Copenhagen trading after it warned: "The situation in US offshore wind is severe." The stress revolves around inflation, high interest rates, and supply chain woes, which have led to the company considering abandoning US offshore projects:
"We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg in an interview in London in early September.
It's not just wind that's in trouble. Last week, solar equipment maker SolarEdge Technologies saw shares crash as much as 30% on sliding European demand.
We coined the term 'green panic' a few months ago. Biden's renewable bubble is imploding in today's worsening macro environment.
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Comment
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Comment by Willem Post on October 30, 2023 at 10:57am
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Walk-in Open Border Idiocies
Many countries are saving money by cleaning out their slums, populated with unskilled, uneducated, inexperienced, socially challenged, crime-inclined people
With help of 1) privately financed NGOs (Soros, Hollywood actors, etc.,) and 2) the parasitic, criminal-infested, human trafficking infrastructure, to provide those folks with food, clothing, shelter, transport, etc., as they travel north for weeks, until they finally arrive at our southern border, which is welded open by Biden’s handlers, to enable those folks to walk in unhindered, unvetted, and be distributed far and wide.
The total US cost is at least $100 billion for the first year, $150 billion the second year, $200 billion the third year, on an A-to-Z basis.
We could have finished the wall for one tenth the money, and have none of these society-dividing, unvetted, undocumented illegal aliens
The Statue of Liberty mentions “welcoming the poor, the homeless” made perfect sense in the 19th century with a rapidly expanding industrial economy desperate for uneducated, unskilled workers.
It is long overdue to remove those words and replace them with “we welcome the highly educated and experienced, and those with business ownership experience
Sweden, Germany, France, etc., after much travail, finally are moving to the highly skilled, experienced standard.
They found the present standard has caused major adverse effects, on their societies and cultures
Europe was sucking on Russia’s low-cost energy tits, life was easy, economies were growing, workers were needed.
With high-cost energy and high costs of climate idiocies, unskilled, inexperienced, cultural-clashing folks are just too costly.
Many of them, especially those with criminal records, will be send back to their original countries.
CO2 Emissions
The annual CO2 reductions by the EU/US, etc., are much less than the annual CO2 increases by China/India, etc.
That trend will not change for decades, because China/India, etc., are building hundreds of new, efficient coal plants, that last at least 50 years, and have at least 3 times more CO2/kWh than gas-fired, combined-cycle, gas-turbine power plants, CCGTs, which, in base-loaded mode, have efficiencies of 60+%
Russian Gas
Russia has the 56-inch diameter, 2466-mile, Power of Siberia 1 gas pipeline, capacity 61 bcm, of which up to 38 bcm to China.
Russia will have the 1616-mile Power of Siberia 2 gas pipeline from Yamal Peninsula to China, designed to deliver, via Mongolia, up to 50 bcm to China.
That means gas, previously sent to the EU, will go to China.
The EU will be in near-zero, real-growth mode, by importing LNG, mostly from the US, at about 2 to 3 times the price.
China CO2
China has the particulate and CO2 emissions from the factories that were once in the West.
The US climate idiots get to virtue signal, as they consume China’s products
Wokachusetts
Wokeachusetts climate idiots are proudly bragging how energy efficient/clean Wokachusetts is, after having closed almost all of its blue-collar industries.
Wokachusetts has a “clean” economy, based on higher education, hospitals, high tech firms, and tourism.
Mass wokies are so virtuous, because they have a low carbon footprint!
Mass wokies do not mention the carbon footprint of what we import from China, Europe, Mexico, etc.
Complain to enviro-groups and politicians about this absurdity, and you get ignored/blacklisted/cancelled/become unemployable.
Actually, I do not care about any carbon footprint, because CO2 is a very minor actor in the overall CO2 picture
https://www.windtaskforce.org/profiles/blogs/co2-is-a-life-gas-no-c...
Mass wokies get federal money to “welcome” illegal aliens
Mass wokies use federal money to house illegals in up-scale hotels, and feed, clothe, transport, educate, etc., them at huge expense.
The subsidized, lapdog media has been told not to call them undocumented, illegal aliens, but “migrants”.
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Offshore Wind and Floating Offshore in Maine
World: During 2021, worldwide offshore wind capacity put in operation was 17,398 MW, of which China 13,790 MW and the rest of the world 3,608 MW, of which UK 1,855 MW; Vietnam 643 MW; Denmark 604 MW; Netherlands 402 MW; Taiwan 109 MW
Of the 17,398 MW, just 57.1 MW was floating capacity, about 1/3%
By the end of 2021, 50,623 MW was in operation, of which just 123.4 MW was floating, about 1/4%
https://www.energy.gov/eere/wind/articles/offshore-wind-market-repo...
State of Maine
Multi-millionaire wind-subsidy chasers, with minimal regard for impacts on the environment and already-overstressed, over-taxed, over-regulated ratepayers and taxpayers, want to have about 3,000 MW of floating wind turbines by 2040, a totally unrealistic goal.
Those floaters would cost at least $7,500/kW, or at least $22.5 billion, if built in 2023 (more after 2023), and would produce electricity at about 40 c/kWh, without subsidies, about 20 c/kWh with subsidies, the price at which owners would sell to utilities.
https://www.maine.gov/governor/mills/news/governor-mills-signs-bill...
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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