Germany

Germany

Offshore grid costs eat into Siemens profit

Strong increase in turbine orders boosts outlook

The cost of building Germany’s offshore electricity transmission network continues to curtail Siemens' profits, with €84m in charges linked to offshore wind cable projects included in the company’s second quarter (Jan-March 2013) results

Siemens' headline figures feature a slight decline in group revenue and profit for the first half of the year (Oct 2012-March 2013). The company’s wind power business has also recorded a fall in revenue and profit. Wind power Q2 revenue was down 19% to €1.0m and profit declined by 59%, to €53m.

Much more positively, new offshore wind turbine orders jumped by 200% during Q2, with Siemens emphasising the importance of an 80 turbine order and ten-year service agreement for Butendiek offshore wind farm. At the end of Q2, Siemens’ wind power order book totalled €3.3bn. This figure does not include a 154-turbine order from Dong Energy, announced last month. This will see Siemens supply its 6MW machines for the Gode Wind 1-3 wind farms.


 

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Offshore Events

Latest Offshore Wind Jobs