Siemens losing puff on off-shore wind parks

Siemens losing puff on off-shore wind parks
Photo: DPA

The difficulties of connecting wind-parks in the high seas to the national grid are harming Siemens' balance books. The technology giant is expecting to set aside a huge reserve for technical difficulties, eating into this year's profits.


According to a report in Tuesday's Financial Times Deutschland, Siemens will have to set up a reserve of €200 million for the second quarter of the year, to make up for delays and difficulties in producing off-shore wind energy.

The company said it is likely to revise down its own prognosis of a €6-billion profit for 2012 when it presents its first quarter figures next week.

The company also set aside €203 million to offset technical problems connected with the wind-parks in the first quarter. The company's profit margins have been affected by delays in the construction of two substation platforms meant to help deliver the wind energy to the coast.

Siemens refused to comment on the report.

The Local/DAPD/bk


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