It’s not the only one caught in squalls. Xinjiang Goldwind Science & Technology Co, the biggest turbine manufacturer, reported the following day that third-quarter profits fell 98%. On Wednesday, General Electric Co. said losses from its wind unit in 2023 and 2024 would total about US$2 billion.
Wind energy is meant to thrive in turbulent conditions. In 2023, the companies that seek to harness it are battening down the hatches.
Siemens Energy AG confirmed Thursday it was seeking German government support for loan guarantees to help it win contracts, sending the shares plummeting 35%. The total decline has been 68% since late June, when the maker of wind and gas turbines forecast a €4.5 billion (US$4.8 billion) annual loss stemming in part from faulty products at its renewable unit Gamesa.
