Wind Power Subsidy Cuts Kill Thousands of Green Jobs: Siemens Sacks 6,000 Workers

The wind industry is little more than the most recent and elaborate effort to fleece gullible investors, in a list that dates back to “corporate investment classics”, like the South-Sea Bubble and Dutch tulip mania.

In the wind industry, the scam is all about pitching bogus projected returns (based on overblown wind “forecasts”) (see our posts here and here and here and here); claiming that wind turbines will run for 25 years, without the need for so much as an oil change (see our posts here and here and here); and telling investors that massive government mandated subsidy schemes will outlast religion (see our posts here and here and here).

Now that the subsidies are drying up across Europe, solar panel and wind turbine makers are feeling the pinch, with tens of thousands of those groovy ‘green’ jobs already gone, or about to face the axe.

German-Spanish Wind Energy Giant To Lay Off 6000 Workers, Citing “Changing Market Conditions”
No Tricks Zone
Pierre Gosselin
7 November 2017

The online German business daily Handelsblatt here writes that European wind energy company Siemens Gamesa will eliminate 6000 jobs.

That means the German-Spanish company will shed more than a fifth of it 26,000 workers. This is the latest bad news slamming the green energy industry in Germany and Europe. Over the years Germany has seen almost every major solar panel and equipment manufacturer become insolvent. Spain too has been hit hard by renewable energy insolvencies.

Once ballyhooed as the sector for the future, German solar and and wind energy industry has taken huge hits. The country’s last remaining major solar manufacturer, Bonn-based Solarworld, earlier this year announced it would file for bankruptcy. Solarworld’s demise was the last of a spectacular series of solar manufacturer bankruptcies that swept across Germany over the past years, with names like Solon, Solar Millenium and Q-Cells going under.

Now the bloodbath is expanding to the wind industry, a branch of green energy that looked far more feasible in Germany than solar energy did.

The announcement by Siemens-Gamesa coincides with the COP 23 Bonn climate conference now taking place, which is calling for more wind and sun energy at a time the industry is collapsing at full speed in Germany.

According to Siemens-Gamesa Board Chairman Markus Tacke: “Our business result is still not at the level where we would like to see it.”

Last year Spanish Gamesa and German Siemens combined their wind power operations to form one of the world’s largest producers of wind turbines.

Handelsblatt writes the Siemens daughter company was reacting to “changing market conditions” and that the move will impact 6 countries.

The company also expects to see its revenue for the coming fiscal year fall to 9 billion euros from almost 11 billion.

The Handelsblatt also reports that “no improvement is foreseen in the new fiscal year“.
No Tricks Zone

Siemens Gamesa to cut as many as 6,000 jobs
UK Business Insider
Andeas Cremer and Alexander Huebner
6 November 2017

Siemens Gamesa said on Monday it plans to cut as many as 6,000 jobs worldwide as it braces for sales to plunge by as much as a fifth next year.

The job cut would amount to more than 20 percent of the company’s total workforce of around 26,000.

Wind turbine makers have been facing growing competition, putting pressure on pricing and inventory values and raising expectations for more takeovers to build scale.

The Spanish-based wind power joint venture, which cut its earnings forecasts twice in recent months, has to date been planning to cut only 700 positions.

But the company said on Monday it expects sales to fall to between 9 and 9.6 billion euros this year from about 11 billion in fiscal 2017, a 5-percent gain from year-earlier levels.

Underlying EBIT declined almost a fifth to 774 million euros in fiscal 2017 ended Sept. 30, though plunged by nearly two thirds to 192 million euros in the six months since April, it said.

“Our financial performance is still not at the level we’re all aiming for,” chief executive Markus Tacke said.

Siemens merged its wind division with rival Gamesa this year following deals that saw Germany’s Nordex buy the turbine unit of Spain’s Acciona and General Electric take over Alstom Energy of France.

“We believe that the planned restructuring measures at Siemens Gamesa are necessary because the market and regulatory environments are changing structurally,” a spokesman for Siemens said.
UK Business Insider

The victim of another unexpected ‘restructuring’…

About stopthesethings

We are a group of citizens concerned about the rapid spread of industrial wind power generation installations across Australia.

Comments

  1. Reblogged this on Climatism and commented:
    “One justification put up by the wind industry for the social and economic chaos caused by spiralling power costs was the claim that investment in wind power would create a “new” economy with millions of groovy “green” jobs.

    True it was that Germany saw an increase in renewables related employment – the bulk of it in the development and manufacture of solar panels – but all of it was built on a raft of taxpayer and power consumer subsidies: it was – therefore – unsustainable.

    Any job that relies on a subsidy results in a loss of employment elsewhere in the economy. In Germany, the subsidies for “green” jobs are paid for in rocketing power prices, which impacts on the profitability and competitiveness of all businesses and industries.” – STT August 2014

    THE writings been on the wall for sometime now. Green central planning like economic planning of failed socialist regimes gone by is doomed for failure. Market distorting policies to pick winners only works until the money runs out. And err..the (public’s) money ran out a while back.

  2. Sales to plunge by as much of a fifth next year…such sweet music to my ears. So much for the renewable jobs, jobs, jobs. Will Australia ever listen and learn?

    • Sadly no, Melissa. Despite the warnings Australia seems to be “sleepwalking to disaster”. Wind farms are still being approved by state governments. In our area, one of the most picturesque parts of Australia, Infigen has been assisted by both major parties to get approval. A long ten year struggle for the community, still no turbines but no sign of Infigen quitting. Now it appears they have the assistance of a large American owned gold mine that wants to ensure it has a cheap, reliable electricity supply. Yes, they obviously don’t understand that it’s wind that has caused their energy bill to almost double in just one year. When we start getting blackouts they may see the light, (a candle light).

      The South Australians are still being hit but haven’t worked out who’s hitting them. Again, a hot summer and no electricity might help them work it out but don’t count on it. The propaganda of Greens, left wing media, school teachers, scientists and politicians has done a better job of brainwashing the masses than any religious cult has ever done.

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