The secular growth potential of renewable energy was supposed to offer an antidote to the cyclical vagaries of markets and economies. But it has not worked for Christian Bruch. Siemens Energy’s chief executive has spent years carrying the buck for widening losses at the Gamesa wind turbine unit.
The renewables group has just issued its second profit warning in four months. It is asking for government guarantees on long-term projects that its balance sheet may not be able to support. The shares fell 29 per cent.
Over-optimism concerning the performance of renewable energy generation — in which Lex partook — created an asset bubble. It is now deflating.
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