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Oil companies renewables push squeezing profitability from green projects

Oil companies renewables push squeezing profitability from green projects
worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.

Big Oil Squeezes Renewable Energy Profits as Commodities Rally

Big Oil Squeezes Renewable Energy Profits as Commodities Rally
gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.

Siemens Energy downgrades 2021 projections

Siemens Energy has downgraded its financial projections for 2021 due to a drop in onshore wind orders in the recent quarter and significantly lower profit expectations for the fiscal year in its renewable energy business. President and chief executive of Siemens Energy Christian Bruch said: Our activities at gas and power are fully on track and the segment delivered as planned. At the same time, we are not satisfied with the performance of Siemens Gamesa Renewable Energy (SGRE) which suffered a significant setback in the turnaround of the onshore business. This does not change the attractive market fundamentals for Siemens Energy, however due to the headwinds at SGRE we do not expect to reach the low end of the group margin guidance for the full year.”

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