“The worst is over” — EnergyWatch

No further faults have been found on the onshore turbines at Siemens Gamesa in addition to those previously communicated.

This was announced by Joe Kaeser, Chairman of the Board of Siemens Energy, of which the wind turbine company is a part, on Wednesday at the Reuters Global Markets Forum in Davos, Reuters reports.

”The worst is over,” Kaeser said, adding that no new problems had emerged in the German manufacturer’s challenged onshore wind turbine business.

Siemens Gamesa has set aside billions after it found such widespread quality problems with its latest turbines last year that sales of them were put on hold.

Management has pulled out all the stops to turn things around at Siemens Gamesa, with the goal of returning the company to break-even by 2026.

”If management is able to execute the strategy they have presented to the board, it looks really, really good. By ’26, ’27, there should be a fascinating business, not just in terms of purpose, but also in terms of profitability,” said Joe Kaeser.

He added a ”but”, however, because the strategy needs to be delivered on to reach the goal.