Siemens Energy announced an overhaul of its struggling wind power division on May 8, unveiling plans for a new CEO for its wind turbine business and also saying job cuts […]
The German boss of Britain’s biggest wind turbine maker has warned energy bills will have to keep rising to pay for the green transition as he attacked “fairytale” thinking about net zero.
FRANKFURT/DUESSELDORF (Reuters) -Siemens Gamesa, the struggling wind division of Germany's Siemens Energy, plans to cut costs by around 400 million euros ($436 million) by 2026, the group said during its much-awaited capital markets day on Tuesday. The goal was to "simplify organization and optimize overhead costs" while the Siemens Gamesa's onshore wind turbine capacity is to be adjusted according to a refined product and market roadmap, according to presentation slides said. "The turnaround of Siemens Gamesa remains our highest priority and we now have a defined path and action plan to reach break-even for the wind business in fiscal year 2026 and to return to profitability thereafter," Siemens Energy CEO Christian Bruch told analysts.