Siemens Gamesa turbine woes to cost less than 2 bln euros - source - Reuters
Siemens Gamesa turbine woes to cost less than 2 bln euros - source | Reuters
Siemens Gamesa turbine woes to cost less than 2 bln euros - source
A wind turbine of the Gamesa company is seen in a field in Ardales, near Malaga, Spain, April 28, 2022. REUTERS/Jon Nazca/File Photo/File Photo
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BERLIN, Aug 2 (Reuters) - Siemens Gamesa's troubles with its onshore wind turbines should cost parent company Siemens Energy (ENR1n.DE) less than 2 billion euros ($2.19 billion), a source familiar with the matter told Reuters.
Analyst estimates that the repair or replacement of up to 1000 turbines would cost up to 1.5 billion-1.7 billion euros were plausible, the source said.
Siemens Energy said in June that problems with its more recent onshore platforms could affect up to 15% to 30% of its installed turbines worldwide, triggering a 37% fall in its share price.
At the time it warned that it could cost more than 1 billion euros to fix flaws in rotor blades and bearings, which could cause damage ranging from small cracks to component failures. UBS analysts said that in a worst-case scenario charges could exceed 5 billion euros.
Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide and has warned the problems could take years to resolve.
Siemens Energy's management board set up a task force in July to establish the scope of the turbine problems.
On Friday, the Siemens Energy supervisory board will be presented with the preliminary results of this investigation at its regular quarterly meeting, two sources familiar with the matter said, confirming an earlier Handelsblatt report.
The company will then communicate these when it publishes quarterly earnings on Monday.
($1 = 0.9134 euros)
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