Siemens, one of the premier German manufacturers of wind turbines, saw its stock price crash by nearly 40 percent today, after revealing mounting losses on wind power equipment sales. This, after the stock already crashed over the summer. (See chart below.)
Siemens is now begging the German government for more subsidies. Funny—I thought green energy was now cheaper than conventional energy sources (coal, gas) that don’t need subsidies to be profitable. Reuters reports:
Siemens Energy shares plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the group said it was in talks with the German government about state guarantees following big setbacks at its wind unit. . . The weekly, which first reported the talks along with Spiegel magazine, said Siemens Energy is seeking up to 15 billion euros in guarantees.
Here’s the Siemens chart for the last three years, showing its value to be less than . . . sustainable (heh).
It’s not just Germany. Some of our own green energy companies are putting up a lot of red ink for investors:
Chaser: Canada’s premier Justin Trudeau announced today a three-year moratorium on the carbon tax on home heating oil.
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