DNNGY - European wind developers play down Siemens Energy turbine concerns

2023-06-28 10:59:39 ET

Several European wind power developers are shrugging off concerns about problems with onshore wind turbines supplied by Siemens Energy ( OTCPK:SMEGF ) ( OTCPK:SIEGY ), Reuters reported Wednesday, after the company revealed deeper than expected problems with onshore wind turbines that could affect 15%-30% of its installed turbines worldwide.

Germany's RWE ( OTCPK:RWEOY ) said it had not observed any "unusual technical issues" in its existing wind power portfolio, and French utility EDF ( OTCPK:ECIFY ) said it could solve any issues that may arise.

Denmark's Orsted ( OTCPK:DNNGY ) said it operates one onshore wind farm with turbines from Siemens Energy ( OTCPK:SMEGF ) ( OTCPK:SIEGY ) and does not comment on specific suppliers, but its overall portfolio of wind turbines "continuously have high availability rates."

Spain's Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) said it will carry out a thorough analysis before installing 11 onshore wind turbines acquired from Siemens.

UBS analysts said if the impacted fleet was larger than Siemens Energy's ( OTCPK:SMEGF ) ( OTCPK:SIEGY ) current estimates, near-term provision charges for the company could reach €5B.

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