Siemens Energy travails have serious implications for Net Zero

London, - Policymakers must get to grips with the implications of the crash in Siemens Energy’ share price. That’s the message from energy economist Professor Gordon Hughes.

Last week, Siemens Energy announced that its profits would suffer a large hit as the result of failures in many of the wind turbines built by its renewables division. Professor Hughes is now pointing out that this will inevitably mean that wind power is going to become more expensive still.

“Siemens Energy’s problems were in onshore wind turbines. Our expectation should be that offshore turbines will be even worse. It’s very unlikely we’ll see significant cost reductions.”