IN THREE BLEEDIN' MONTHS!!

quote:

Foxnews.com

Global green energy company Siemens Gamesa reported Thursday that it had lost a staggering $967 million during the three-month period from between October to December.

The Germany-based company, which dubs itself as "the global leader in offshore power generation," noted the wind industry has faced various unfavorable pressures leading to negative growth in recent months and years, in its earnings report for the first quarter of fiscal year 2023 released Thursday morning. The company added that governments would need to further assist the industry to ensure future positive growth.

"The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability," Siemens Gamesa CEO Jochen Eickholt said in a statement.

ROSAL

I guess wind ain't the balm for Europe's energy anus after the ramming Boris gave 'em on gas.

quote:

The company added that governments would need to further assist the industry to ensure future positive growth.

FOAD?

I'd love to see their balance sheet instead of taking a news articles word, but have no idea how to see a German companies financial reportings and can't read German. Lots of accounting games can be played to show a loss of a billion.

Offshore ain't for the faint of heart. It's real easy to spend a billion on procurement and fabrication and not even set sail with your equipment yet. Once you set sail, burn rates (aka cash outlays) can be tens of thousands a dollars an hour, and one storm can eat millions of dollars with nothing to show for it. It's worth it if there is an enormous proven oil or gas reservoir out there, but spending that kind of money and needing gov't handouts or regulations changes is a business model I couldn't stomach.

Even so, every blow to woke corporate culture is a welcome thing.

8 year backlog due to $472M in faulty components is pretty telling of their financial woes:

quote:

Siemens Gamesa Needs Time to Fix Fleet Component Failures, CEO Says
Published: Jan. 20, 2023 at 4:58 a.m. ET

y Giulia Petroni

Siemens Gamesa Renewable Energy SA said Friday that it will take time to work through component failures of the company's installed fleet, but expects the long-term industry outlook to improve.

On an analyst call, Chief Executive Jochen Eickholt said failures are affecting components of different turbine platforms onshore and offshore, which could take up to eight years to work through. During this time, warranty claims are expected to have a negative impact on cash flow, in the mid-double-digit million range in the current fiscal year, he said.

Late Thursday, the Spanish wind-turbine maker reported a loss before interest and taxes of EUR760 million for the fiscal first quarter, saying it booked charges of EUR472 million due to faulty components that led to higher warranty and service maintenance costs.

blah, blah, blah...

I just watched this earlier today. Not offshore but land based green energy not doing as well as they would have us believe. More and more we have to go to foreign news sources to get even an inkling of the truth.

A lot of the problem is getting permits.

The greens' hypocrisy is strong.

You can build it just not in my backyard.

The rich politically connected killed wind farms of Nantucket MA.

They have been trying to get it for at least 15 years.

I heard they finally gave up.

It the same most places, I love wind turbines just not near me.