The energy technology group Siemens Energy confirmed its schedule for restructuring its loss-making wind power business at the general meeting. Siemens Gamesa is expected to break even in the 2026 financial year, company management confirmed on Monday at the shareholders’ meeting, which took place purely digitally. “We are doing everything we can to turn things around in the wind business as quickly as possible.” Shareholder representatives, however, harshly criticized the company’s approach to solving the problems in the wind business. Several shareholders, including the fund companies Union Investment and DWS, announced that they would refuse to discharge the board of directors.

Siemens Gamesa caused the energy technology group a loss of around 4.6 billion euros in the last financial year 2022/23 (at the end of September). Quality defects in the 4.X and 5.X land turbines resulted in provisions worth billions. In addition, there were higher start-up costs for expanding capacity for marine facilities.

This all came to light after Siemens Energy had completely taken over the subsidiary, which had already had problems. As a result, Siemens Energy had to use state guarantees to secure orders. This led to the share price crashing when it became known at the end of last October.