The German company Siemens Energy will take several years to resolve the quality problems of the defective turbines of its Spanish subsidiary Gamesa, although it has not detected new causes of losses, so it considers that its provisions are adequate.
The firm held its first general meeting of shareholders this Monday since it announced the quality problems of Siemens Gamesa’s 4.X and 5.X wind turbine models, which caused it losses of 4,532 million euros in its fiscal year. . 2023 and that the German State had to rescue it.
During the meeting, the president and CEO of Siemens Energy, Christian Brunch, assured that they are doing everything in their power to reverse the situation of their wind business as soon as possible.
He has stated that they are resolving the quality problems, although it will take “several years” to achieve this, at the same time that they are complaining to suppliers of defective components and studying when they will resume sales, with no certain date at the moment.
Positioning in the wind business
“in high sea”.
In fact, during 2024 Siemens Energy will focus on increasing the productivity of its plants in Cuxhaven (Germany), Aalborg (Denmark), Hull (England) and Le Havre (France), which, in Brunch’s opinion, will lay the foundations for The successful launch of its latest generation of turbines.
The purchase of Gamesa made the situation worse
The CEO assured during his speech that there is no question that is asked more frequently than why they acquired Siemens Gamesa and he gave two answers. Firstly, Brunch believes that there can be no energy transition without wind and, secondly, that there is no corporate control without a full takeover.
“When the financing conditions were positive in May 2022, we decided to launch a takeover bid for the minority shares. And we have done everything possible to integrate Gamesa little by little into Siemens Energy,” he stated.
“When the financing conditions were positive in May 2022, we decided to launch a takeover bid for the minority shares”
Regarding the operation, the president of the supervisory board of Siemens Energy, Joe Kaeser, has signed that it leaves “a bitter feeling”, since, although the purchase of the entire Gamesa was intended to solve the problem, “it even worsened the situation significantly.”
In any case, both managers have defended the measures put in place and the importance of the company despite “the disappointments that surrounded the turbulence at Siemens Gamesa.”
