Siemens Energy is one of the key companies in the German energy transition. Its problems result from the losses incurred by its subsidiary, which suffers from problems with the quality of wind turbines, according to Deutsche Welle.
The problems are so great that Siemens Energy has begun negotiations with the government about guaranteeing the amount. The talks concern about 15 billion euros. The stock market reacted sharply to this information. Let us add that this was first reported by the media and was later confirmed by the company.
German media reported that the shares of the energy giant listed in the DAX stock index fell by about 40% in one day. Thus, 24 hours were enough for the company to lose more than 3 billion euros in value.
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What will the German government do about the energy giant?
“The situation is tragic because without billions of euros in aid, a DAX company can barely sign contracts for new large orders. Siemens has an order portfolio worth 110 billion euros,” the Sueddeutsche Zeitung newspaper wrote on Friday.
Deutsche Welle adds that a government spokesman in Berlin confirmed that “Siemens Energy is an important company for the energy transition and Germany’s attractiveness as a place to do business.”
Meanwhile, the media reported that the German government was not willing to provide guarantees. He claims that the burden of saving the company should be borne primarily by the parent company Siemens. On the other hand, German journalists report that the government has already linked the “financial trickle” to another company – Uniper, which suffered as a result of the suspension of gas supplies from Russia after the outbreak of war in Ukraine.
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