Siemens Energy clinches state guarantees as it posts a 4.6 billion euro annual loss
Publishing timestamp: 2023-11-15 02:37:04
Summary
Siemens Energy has secured 7.5 billion euros in project-related state guarantees from the German government. This comes after the company announced a nearly 5 billion euro loss for its fiscal year. The guarantees are meant to insure the company's customers on prepayments and execution of contracts. Siemens Energy will review the structure of Siemens Gamesa, its wind turbine unit, which contributed to the company's losses. The company denies that the guarantees constitute state aid and emphasizes that it is a normal instrument in the industry.
Sentiment: NEUTRAL
Tickers: SIE-DE, ENR-DE, ENR-FF,
Keywords: alternative and sustainable energy, investment strategy, breaking news: europe, siemens ag, environment, energy, siemens energy ag, business news,
Source: https://www.cnbc.com/2023/11/15/siemens-energy-clinches-state-guarantees-amid-annual-loss.html