Stock Price Plummets After Energy Corp Admits “up to 30% of its wind turbines could have faulty components”

By B.N. Frank

Opposition to wind projects on land and offshore continues to increase worldwide due to the economic, environmental, health, and safety issues associated with them. Investors in wind technology now have something to gripe about as well.

From Wind-Watch.org:

Massive energy corporation says up to 30% of its wind turbines could be malfunctioning

Siemens Energy announced Thursday that it will be undergoing a technical review after it was found that up to 30% of its wind turbines could have faulty components, according to statements made by the company.

Siemens Energy, an international energy company that seeks to “decarbonize global energy systems,” announced that it is withdrawing its profit guidance for the year after subsidiary Siemens Gamesa found that there was a “substantial increase in failure rates of wind turbine components.” The company believes that between 15% and 30% of its installed fleets are suffering from component failures, Jochen Eickholt, CEO of Siemens Gamesa, said during a Friday morning analyst call. (RELATED: Biden Admin To Spend Nearly $1,000,000,000 On Green Upgrades For Fed Buildings)

“The fact that we have identified more quality problems marks a significant setback for us. These quality problems go beyond what we were previously aware of, and they are directly linked to selective components at a few but important suppliers,” Christian Bruch, President and CEO of Siemens Energy, said during the call. “At this point in time, we believe that the costs are likely to be in excess of 1 billion euros.”

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Siemens Energy stock fell 36% as of Friday morning after the announcement, according to MarketWatch.

The use of wind energy has received criticism as operations grow in size, incurring more maintenance costs and environmental concerns. Newer, larger turbines designed to generate enough power to fuel renewable energy desires suffer from a greater rate of component failure, resulting in higher maintenance costs, according to The Wall Street Journal. Some environmentalists also claim that wind farms harm animals, including birds, through habitat destruction and obstructing air travel.

Source:  Will Kessler | June 23, 2023 | dailycaller.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

Activist Post reports regularly about wind power and unsafe technologies.  For more information, visit our archives.

Image: Pixabay

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