Siemens Energy sees €4.5 billion hit as wind losses widen

Siemens Energy launched a strategic review of its wind power business as problems with its turbines are expected to cause a €4.5 billion net loss in one of industrial Germany’s biggest debacles.

The shares fell as much as 5.1 per cent after the company disclosed the loss, which follows repeated setbacks for the German manufacturer in getting to grips with quality flaws. Previously the company expected a net loss of roughly €1 billion in the ...