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Wind turbine troubles have sent one stock tumbling. There are fears it could be a much wider issue - TL;DR CNBC

Wind turbine troubles have sent one stock tumbling. There are fears it could be a much wider issue

Publishing timestamp: 2023-07-03 09:48:24


Summary

The article discusses the recent plunge in Siemens Energy stock and the concerns about wider teething problems in the wind industry. Costly failures at wind turbine manufacturer Siemens Gamesa have raised concerns about the quality and reliability of wind turbines across the industry. The article also mentions the challenges faced by wind turbine manufacturers, such as supply chain disruptions and rising input costs. The industry body WindEurope denies that industry-wide technical failures are on the horizon but acknowledges the challenges posed by the rapid expansion and increasing size of wind turbines. ONYX Insight, a company that monitors wind turbines, highlights the need for a realistic understanding of turbine failure rates and the potential impact on project profitability. Overall, the article raises concerns about the reliability and cost-effectiveness of wind turbines in the industry.


Sentiment: NEGATIVE

Tickers: ENR-DEENR-FF

Keywords: breaking news: marketsbusiness newssiemens energy agalternative and sustainable energymarketsenvironmentenergyinvestment strategybreaking news: investing

Source: https://www.cnbc.com/2023/07/03/siemens-energy-wind-turbine-problems-could-be-an-industry-wide-issue.html


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