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Siemens Energy CEO: fixing onshore wind business will take years

Siemens Energy is positive it can solve quality concerns at its onshore wind department however that process could take numerous years, its CEO said in composed remarks released ahead of the group's annual general meeting (AGM).

The losses we incurred in our wind company and the underlying issues are inappropriate. We will not tolerate them, Christian Bruch stated. We are resolutely tackling them and will ultimately resolve them.

At the heart of the issue are quality issues with the group's more recent generations of onshore wind turbines, the 4.X and 5.X platforms, with Bruch saying that fixing the problems will probably take a number of years.

Siemens Energy is arranged to hold its AGM on Feb. 26, with investors expected to knock the group for a share price plunge in the wake of the turbine issues, problems that eventually led the group to seek billions of euros in state-backed assurances.

Bruch stated that after 8 months of extreme analysis by an professional job force no brand-new causes of losses had actually been recognized with the 2 models, implying a 1.6 billion euro ($ 1.7 billion). provision reserved to cover the problems was still seen as. sufficient.

We will fix these wind-power issues. We will recover. your trust, the trust of our owners, Bruch said.

(source: Reuters)