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Germany

Germany

Siemens reports 23% Q1 boost from wind

GERMANY: Siemens has reported a 23% rise in revenue from its wind power business for the first quarter.

However, the company said its renewables business had been hampered by market conditions. As a result orders are down by 25%. Profit for the wind power business was 4.6%.

Speaking about the results, Siemens CEO Peter Loescher said the 23% order uptake was largely due to US developers aiming to beat the expiration of the PTC.

Loscher added the company was currently evaluating any positive impact from the reintroduction of the PTC under the new rules for project construction this year.

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