this post was submitted on 03 Jul 2023
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Energy Independence

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The long-held goal of “energy independence”—which is not to say that we did not import or export energy, but that we produced more energy than we used.

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This does not sound good.

The company announced on June 22 that between 15% and 30% of turbines installed by subsidiary Siemens Gamesa are currently suffering from component failure, prompting the company to withdraw profit estimates and sending stock plunging 36% in the immediate aftermath of the announcement. Christian Burch, CEO of Siemens Energy, said in a call with reporters Friday that “too much had been swept under the carpet” at the energy giant’s subsidiary and that the quality control issues were “more severe than [he] thought possible,”

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