Siemens Energy books $2.4 bn in charges for wind turbine issues

Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it 2.2 billion euros ($2.4 billion), well short of worst-case estimates but still casting doubt over the future of the business.

The charges will inflate Siemens Energy’s net loss more than six-fold in 2023 to 4.5 billion euros, the company said, as it published third-quarter results showing a record order backlog due to strong demand.