Robert Bryce
@robertbryce·28.2K subscribers·832 videos
Siemens Gamesa’s $1 Billion Loss Is Latest Bad News For Wind Energy Sector
Posted
February 6, 2023
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February 6, 2023
795
38
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5.28%
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2:01Now PlayingSiemens Gamesa’s $1 Billion Loss Is Latest Bad News For Wind Energy Sector
The hype around wind energy keeps colliding with reality.
Last week, Siemens Gamesa, the German company that bills itself as the “global leader in offshore wind power” reported a loss of about $1 billion in the latest quarter.
This news follows news from last month from GE Renewable Energy, which announced that it lost $2 billion in 2022.
So what’s going on? I think this is the result of higher interest rates, and higher commodity prices, and a tighter labor market. Further, it’s becoming harder and harder for wind companies to site their projects. As I’ve documented in the Renewable Rejection Database, there have been more than 360 rejections or restrictions of wind projects in the US since 2015. Already this year, two local governments, one in Ohio and another in Nebraska, adopted ordinances that prohibit new wind projects.
As you’ve heard the offshore wind business in the US has delayed several projects and there’s increasing controversy around the sector due to the spate of dead whales that are washing up on East Coast beaches.
Siemens Gamesa said there is a “sizeable gap between recent installation expectations and targets" and “further governmental action is needed to close the gap” between the targets and actual installations.”
In other words, they want faster permitting. I wouldn’t count on that.
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