"In fact, across Europe, major wind turbine makers are reporting massive losses and laying off swaths of employees. Just this month, Denmark-based Vestas Wind Systems, the largest maker of wind turbines in the world, reported a third-quarter loss of 147 million euros (about $151 million). General Electric, another major wind turbine producer in the United States and Europe, reports that its renewable energy unit is likely to report a $2 billion loss at the end of the year. Spanish company Siemens Gamesa Renewable Energy, a Madrid-based company that is a leading producer of offshore wind turbines, reported an annual loss of 940 million euros ($965 million) and has announced spending cuts which will incur 2,900 job losses – approximately 11% of the company’s workforce.
"According to the CEO of Siemens Energy, the issue is supply chains. “Never forget, renewables like wind roughly, roughly, need 10 times the material [compared to] … what conventional technologies need,” said Christian Bruch in an interview with CNBC’s “Squawk Box Europe. “So if you have problems on the supply chain, it hits … wind extremely hard, and this is what we see.”
DB2