Siemens Energy considers scaling back sagging wind turbine operation to return to profitability

After a net loss of $964 million in the fourth quarter of the fiscal year, wind turbine manufacturer Siemens Energy announced Wednesday it may scale back some of its operations due to trouble in its wind turbine unit, Siemens Gamesa.

“To help achieve the turnaround, and return Siemens Gamesa to profitability, the scope of Siemens Gamesa’s activities is currently reviewed," the company said.

Siemens also said 70% of the company's businesses in fiscal 2023 were a success, but the performance was offset by "difficulties in the wind business."

The company also secured $8 billion in guarantees from the German government this week after the credit rating agency Standard & Poor cut the long-term credit rating of Siemens Gamesa to just one notch above junk, Reuters reported.

Siemens Gamesa announced Friday it was canceling a proposed $200 million wind-turbine blade factory in Virginia.

In its statement Wednesday, Siemens Energy said it would have more details about its future plans on Nov. 21.