Siemens Gamesa pledges profitability resurgence by 2023, Energy News, ET EnergyWorld

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MADRID: German-Spanish wind turbine maker Siemens Gamesa said on Thursday it would boost waning profit margins by 2023, pledging to emerge from a financial slump that has been exacerbated by supply chain disruptions during the coronavirus pandemic.

Despite increased demand for renewable energy infrastructure to curb climate change, a shift to competitive auctions for developing new generation capacity has squeezed turbine suppliers, driving down the price they can command from wind farm developers whose budgets are no longer fattened by subsidies.

Siemens Gamesa forecast a return to an operating margin of 3-5 per cent in 2021 and 8-10 per cent in 2023, after that metric fell to a negative 6.7 per cent in the third quarter of this year.

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