06/27/23 - Philip's Carbon Market News

Gamesa Siemens has big wind turbine problems. The onshore wind turbines had worse than expected flaws in quality. Elektrek is reporting, “In terms of the scope of the problem, Reuters noted today that Siemens Gamesa is having “problems affecting up to 15-30% of the more than 132 gigawatts worth of turbines worldwide. Its total wind capacity is equivalent to around 132 nuclear plants.”

As a result of this bad news, the German-Spanish wind turbine giant has scrapped its annual profit guidance – that’s a company’s own best estimates to shareholders of its upcoming earnings – and it warned last night that additional costs to rectify its problems could be more than $1.1 billion. As a result, Siemens Energy shares dropped more than 37% in Frankfurt today.

Renewables in first half of year climb to over 50% FRANKFURT, June 27 (Reuters) - Renewable energy accounted for 52.3% of Germany's power consumption in the first six months of the year, up 3.1 points from a year earlier, on higher solar production and lower overall electricity usage, data showed on Tuesday.

That was up from a renewable share of 49.2% in the first six months of 2022, according to utility group BDEW and the Centre for Solar Energy and Hydrogen Research (ZSW).

Germany wants green power from solar, wind, biomass and hydroelectric generation to account for 80% of its energy mix by 2030, as it abandons nuclear power and aims to cut most of its coal generation and use gas plants mostly for grid back-up.