Revolve finance7/29/2023 It also includes the lack of ramp-up quality of components, the group said, without being more specific, as well as higher than expected material costs. This includes slower-than-expected headcount addition, the delay of production site construction, including manufacturing halls, as well as supply-chain issues. Siemens Energy has said that there is a separate set of challenges in the offshore turbine part of Siemens Gamesa's business, centred around a delay in the 30% ramp-up of production. Management said part of the challenge was to develop a statistical model that could translate fault rates into firm indications of how turbines are expected to perform over their life span of some 20 years. WHICH ONSHORE TURBINES ARE AFFECTED?Īccording to management, it's the more recent platforms, including the 5X model, where problems had already been communicated last year.īernstein also pointed to quality issues around the 4X platform. Siemens Energy said that 15%-30% of the fleet could be affected by the problems, which were exposed during a review which noted "abnormal vibration behaviour of some components" and unspecified problems around product design. Most of the issues revolve around Siemens Gamesa's (SGREN.MX) 108 gigawatt (GW) onshore turbine fleet, where the group has discovered quality issues in certain components, including rotor blades and bearings. Here are details on the most pressing issues: WHAT'S THE ACTUAL PROBLEM IN ONSHORE? Shares in Siemens Energy fell 5% to the bottom of Germany's blue-chip index (.GDAXI), as several brokerages, including Citi and Jefferies, cut their ratings or price targets on the stock amid uncertainty over the size of the problem. LONDON, June 26 (Reuters) - Shares in Siemens Energy (ENR1n.DE) continued to fall on Monday following a record sell-off in shares last week that was triggered by major issues at the company's wind turbine division Siemens Gamesa.
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