Siemens Gamesa expects wind turbine price to increase

Siemens Gamesa CEO Jochen Eickholt

Siemens Gamesa, the wind turbine maker majority-owned by Siemens Energy, expects onshore turbine prices to return to levels seen in 2017 or even higher than that, its Chief Executive Jochen Eickholt said on Tuesday.

Siemens Energy warned on Monday that a turnaround at Siemens Gamesa will take several years, adding that a 4.05 billion-euro ($4.3 billion) bid to buy out minorities of the wind turbine unit was the only way to fix the issues.

Siemens Energy said it would reduce management posts by about a third and provide investors with more detail of its business in a bid to become more transparent and nimble.