the staff of the Ridgewood blog
Berlin, Germany, the German energy giant Siemens Energy scrapped its profit guidance in late June, citing a “substantial increase in failure rates of wind turbine components” at its wind division Siemens Gamesa. Leaving a major loss of confidence by investors in the group’s ability to fix its struggling wind turbine division. Siemens Energy stock plunged by around 37% on June 23, while other wind companies also saw shares retreat as investors worried that the problems at Gamesa might be a symptom of a wider issue for the industry.