When it rains, it poursIn addition to Orsted's stock falling apart and for all developers, for a variety of reasons, Siemens Energy is looking for guarantees. Add in interest rate, supply chain hic-ups and inflation woes for windfarm developers. When it rains it pours.
Shares of Siemens Energy tumbled by more than 33% on Thursday afternoon, after the company sought guarantees from the German government. The wind power giant made headlines earlier this year, when it scrapped its profit forecast, citing a "substantial increase in failure rates of wind turbine components" at its wind division Siemens Gamesa