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State guarantees as a lifeline? Siemens Energy in negotiations with the federal government


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Published on: October 27, 2023 / update from: October 27, 2023 - Author: Konrad Wolfenstein

Siemens Energy in negotiations over state guarantees with the federal government

Siemens Energy in negotiations over state guarantees with the federal government – ​​Image: Tobias Arhelger|Shutterstock.com

📰 State guarantees as a lifeline? Siemens Energy in negotiations with the federal government

📉 Siemens Energy experienced significant financial challenges in the third quarter. The net loss was almost 3 billion euros, mainly due to problems at its Spanish wind energy subsidiary, Gamesa. These developments have led the company to expect a significant total loss of around 4.5 billion euros for the current financial year. Gamesa alone contributes around 4.3 billion euros to this loss. These figures illustrate the serious financial situation of Siemens Energy. We reported about it.

🤝 To counteract this crisis, Siemens Energy has announced that it will negotiate with the federal government about guarantees for large projects, also known as state guarantees. These negotiations are a response to the high costs caused by quality problems at Siemens Gamesa. Siemens Gamesa is a global player in the wind turbine sector, but the company has long struggled with financial losses.

📅 In 2022, Siemens Energy finally took over majority ownership of Siemens Gamesa in order to better respond to the problems. Despite this acquisition and the growing interest in clean energy, the European wind power industry is suffering from various challenges. These include higher material costs, ongoing disruptions to supply chains and strong price pressure from competition from China.

🏛️ The federal government has confirmed the talks with Siemens Energy and describes it as “intensive”. These are significant negotiations that could have an impact on the future of the company and the energy industry as a whole. Nevertheless, no details about the talks were announced.

💼 The effects of these developments were also evident on the financial markets. The shares of Siemens Energy experienced a sharp drop in price at times, with the price falling by almost 40 percent. In the end, the company lost 35.5 percent of its market value and the shares were traded at a price of 6.87 euros. This price debacle was triggered by Siemens Energy's confirmed negotiations with the federal government over billions in guarantees.

📊 The effects of this price decline were not limited to Siemens Energy alone, but affected the entire German stock market. The DAX, the leading index of the German stock exchange, fell by 1.08 percent to 14,731.05 points. The European Central Bank's decision to leave key interest rates unchanged has curbed the losses somewhat, but uncertainty remains.

🌍 Overall, this situation highlights the challenges faced by companies in the energy sector. The need to invest in renewable energy while maintaining economic stability is a complex task that involves both political and economic aspects. The future of Siemens Energy and the development of the wind power industry will continue to be closely monitored as they can have far-reaching effects on the energy transition and the economy as a whole.

📣 Similar topics

  • 💼 Financial challenges at Siemens Energy: An analysis
  • 🌬️ Problems at Siemens Gamesa and their impact on Siemens Energy
  • 🤝 Negotiations between Siemens Energy and the federal government
  • 📉 Siemens Energy share price crashes during the crisis
  • 🌍 The challenges of the European wind energy industry
  • 💰 State guarantees as a lifeline for Siemens Energy
  • 📈 Siemens Energy's acquisition of Siemens Gamesa
  • 🇩🇪 Siemens Energy's influence on the German stock market
  • ⚡ The complex task of combining renewable energies and economic stability
  • 🔍 The future of Siemens Energy: What awaits us?

#️⃣ Hashtags: #SiemensEnergy #Wind Energy #Government Negotiations #Stock Market #RenewableEnergy

 

Siemens Energy and the Spanish subsidiary Gamesa: Net loss of almost three billion euros in the 3rd quarter

Siemens Energy reports significant loss in the third quarter

Siemens Energy records significant loss in the third quarter – Image: T. Schneider|Shutterstock.com

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  • Siemens Energy reports significant loss in the third quarter

 

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