{"id":76025,"date":"2023-02-14T02:03:35","date_gmt":"2023-02-14T02:03:35","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/"},"modified":"2023-02-14T02:03:35","modified_gmt":"2023-02-14T02:03:35","slug":"wind-energy-giants-racking-up-losses-even-as-the-business-grows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/","title":{"rendered":"Wind energy giants racking up losses \u2014 even as the business grows"},"content":{"rendered":"

<\/a> Wind giants GE, Vestas and Siemens Gamesa racked up losses last year on the <\/strong>back of rising maintenance costs<\/strong>, Renew Economy Australia<\/a> reports. Warranty provisions \u2014 compounded by supply chain risks, rising inflation and reduced power installations \u2014 dipped into the revenues of the wind behemoths, with forecasts for the coming year expected to fall short as well.<\/p>\n

Offshore and onshore wind losses: <\/strong>GE reported that its renewable energy business GE Vernova had racked up losses of USD 2.2 bn<\/a> in 2022, largely due to warranty provisions from its wind division. The company forecast it would record an additional USD 200-600 mn in losses this year from the division. Similarly, Danish wind turbine manufacturer Vestas reported<\/a> revenues of just under EUR 14.5 mn last year<\/a> \u2014 compared to an outlook of EUR 14.5-15.5 bn. Vestas also saw wind turbine orders in GW decline by 19%. Wind turbine manufacturer Siemens Gamesa recorded a quarterly loss of EUR 884 mn<\/a> at the end of last year, despite increased growth.<\/p>\n

Failures and repairs are costing the wind giants:<\/strong> Siemens Gamesa reported additional costs due to \u201cfailures and repairs of components\u201d in legacy onshore wind turbines with warranty provisioning leading to a net loss of EUR 940 mn<\/a>. Similarly, Vestas reported warranty provisions as a continued problem for the company for the twelfth consecutive quarter with longstanding problems<\/a> with repairs and upgrades to its blades contributing to a lack of profitability. In the US, GE has reported that supply disruptions, rising metal prices as well as the war in Ukraine have made it difficult to turn a profit.<\/p>\n

MENA renewables giants are still expanding wind portfolios regardless: <\/strong>Saudi Arabia\u2019s Acwa Power is aggressively expanding<\/a>, growing their renewables portfolio to 58 GW from 1 GW in less than a decade \u2014 including a 10 GW wind project in Egypt<\/a>, positioned to be one of the world\u2019s largest wind farms. Emirati renewables giant Masdar is building Asia\u2019s largest wind farm \u2014 a 500 MW facility<\/a> \u2014 in Uzbekistan.<\/p>\n

And they\u2019re targeting western acquisitions: <\/strong>Saudi Arabia\u2019s Public Investment Fund acquired<\/a> a 9.5% stake in German offshore wind developer and operator Skyborn Renewables in December. Handelsblatt<\/a> (German) reported that Siemens Energy could get a potential investment from Qatar Investment Authority ahead of its full acquisition<\/a> of Siemens Gamesa. Abu Dhabi-based sovereign wealth fund Mubadala Investment Company acquired an undisclosed stake<\/a> in Skyborn last October, in addition to US offshore project Bluepoint Wind.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wind giants GE, Vestas and Siemens Gamesa racked up losses last year on the back of rising maintenance costs, Renew Economy Australia reports. Warranty provisions \u2014 compounded by supply chain risks, rising inflation and reduced power installations \u2014 dipped into the revenues of the wind behemoths, with forecasts for the coming year expected to fall […]<\/p>\n","protected":false},"author":1,"featured_media":76026,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[48],"tags":[657,11,660,88,47,46],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wind","tag-earnings","tag-enterpriseclimate","tag-ma","tag-renewables","tag-wind","tag-wind-energy","wpautop","entry"],"acf":{"mongo_id":"9937a04f-6ea9-404b-9570-be0c966ed015","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/683.jpg","photo_position":"above","related_issue":[76014],"teaser":"","voice_url":""},"yoast_head":"\nWind energy giants racking up losses \u2014 even as the business grows - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wind energy giants racking up losses \u2014 even as the business grows\" \/>\n<meta property=\"og:description\" content=\"Wind giants GE, Vestas and Siemens Gamesa racked up losses last year on the back of rising maintenance costs, Renew Economy Australia reports. Warranty provisions \u2014 compounded by supply chain risks, rising inflation and reduced power installations \u2014 dipped into the revenues of the wind behemoths, with forecasts for the coming year expected to fall […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-14T02:03:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Wind energy giants racking up losses \u2014 even as the business grows\",\"datePublished\":\"2023-02-14T02:03:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\"},\"wordCount\":403,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1\",\"keywords\":[\"earnings\",\"EnterpriseClimate\",\"M&A\",\"renewables\",\"wind\",\"Wind Energy\"],\"articleSection\":[\"WIND\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\",\"name\":\"Wind energy giants racking up losses \u2014 even as the business grows - Climate\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2023-02-14T02:03:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/climate\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wind energy giants racking up losses \u2014 even as the business grows\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"name\":\"Climate\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\",\"name\":\"Climate\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/25470.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/25470.svg\",\"caption\":\"Climate\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wind energy giants racking up losses \u2014 even as the business grows - Climate","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/","og_locale":"en_US","og_type":"article","og_title":"Wind energy giants racking up losses \u2014 even as the business grows","og_description":"Wind giants GE, Vestas and Siemens Gamesa racked up losses last year on the back of rising maintenance costs, Renew Economy Australia reports. Warranty provisions \u2014 compounded by supply chain risks, rising inflation and reduced power installations \u2014 dipped into the revenues of the wind behemoths, with forecasts for the coming year expected to fall […]","og_url":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/","og_site_name":"Climate","article_published_time":"2023-02-14T02:03:35+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Wind energy giants racking up losses \u2014 even as the business grows","datePublished":"2023-02-14T02:03:35+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/"},"wordCount":403,"publisher":{"@id":"https:\/\/enterpriseam.com\/climate\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1","keywords":["earnings","EnterpriseClimate","M&A","renewables","wind","Wind Energy"],"articleSection":["WIND"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/","url":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/","name":"Wind energy giants racking up losses \u2014 even as the business grows - Climate","isPartOf":{"@id":"https:\/\/enterpriseam.com\/climate\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1","datePublished":"2023-02-14T02:03:35+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/climate\/"},{"@type":"ListItem","position":2,"name":"Wind energy giants racking up losses \u2014 even as the business grows"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/climate\/#website","url":"https:\/\/enterpriseam.com\/climate\/","name":"Climate","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/climate\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/climate\/#organization","name":"Climate","url":"https:\/\/enterpriseam.com\/climate\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/25470.svg","contentUrl":"https:\/\/ent.news\/internal\/25470.svg","caption":"Climate"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/climate\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/pgVl2y-jMd","_links":{"self":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts\/76025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/comments?post=76025"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/posts\/76025\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue\/76014"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media\/76026"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media?parent=76025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/categories?post=76025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/tags?post=76025"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/brand?post=76025"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=76025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}