Siemens Energy Receives Financing, Orsted Restructures Management, Vestas and Nordex Report Positive Earnings

Big news from Siemens Energy and Ørsted pushed the Uptime crew to record this special episode. Siemens Energy scored €15B financial backing from the government, banks, and industry to propel the company. Ørsted replaced their CFO and COO as the Danish energy leader looks to address the effects of Ocean Wind 1&2. Vestas and Nordex reported a positive Q3 with improved orders and financial statements. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen Hall: Today's episode of the Uptime Wind Energy podcast is a special episode because we have seen so many quarter three results coming in and the changes at Ørsted. We thought we'd put together the special episode. So this is unique. There is a lot going on at Siemens and energy and Siemens and Gamesa, and there seems to be a rift between the two companies and Ørsted is shuffling the deck chairs a little bit. The CFO and COO are out and they're bringing interim people into those slots. But we do feel like Ørsted is going to be heading in the right direction. It's just going to take a little bit of time to recover. So in this episode, we talk to all those things. We also talk about Vestas having a really great quarter and Nordex doing fairly well for themselves. So there's some good news on the wind turbine OEM front. So stay tuned. There's a lot ahead. Siemens Energy has provisionally secured about 15 billion euros for financing various projects. The German government has agreed to provide about seven and a half billion euros of that in guarantees of the total of 15 billion that's headed towards Siemens Energy. It's a weird breakdown how this happens, Phil. So banks are providing about 12 billion euros. The government is backing the banks for about seven and a half billion of that. Siemens, the mothership, is providing about two billion Euros to the sale of a joint venture shares to Siemens Energy. Siemens Energy is also putting up a 3 billion first loss tranche. So there's a, obviously a couple of players in the middle of this. There's gonna be some restrictions on Siemens Energy where the management does not get dividends or bonuses during this guarantee period. This is probably good news for Siemens Energy, but it doesn't really bode well going forward, right? It just seems like there's gonna be more tough times ahead.  Philip Totaro: Yeah, actually, it's probably better than you think, Allen,