Fog in Channel

Balance sheet presentation Siemens Energy plans to withdraw from wind power Parts of the onshore wind turbine business are up for grabs. State guarantees cannot prevent this. Affected factories and jobs are threatened with hardship. Christian Bruch illustrates the dimensions of the crisis. “We have the largest order backlog in the energy technology industry, and the success of the energy transition will require Siemens Energy,” emphasized the head of the DAX group during a memorable balance sheet presentation in Munich. Until the evening before, the federal government and banks, Siemens Energy and parent Siemens had been negotiating to secure state guarantees that were vital to survival. Final details are still open, Bruch's answers showed. What is clear, however, is that the crisis-ridden company has reinsured 7.5 billion euros of the twelve billion euros that banks guarantee for major Siemens Energy projects and Siemens is liable for another billion euros. But everything is still