Bloomberg News

Siemens to Make Provisions for Wind-Park Power Delays, FTD Says

April 16, 2012

Siemens AG (SIE) will allocate provisions for the three months ended March against potential losses from delays in connecting offshore wind parks to the power grid, Financial Times Deutschland reported, citing unidentified people.

The provisions will be comparable to the 203 million euros ($267 million) set aside in the previous quarter, the newspaper said. The company will revise a forecast for net income from continuing operations of about 6 billion euros for the year ending Sept. 30 when it releases quarterly figures on April 25, FTD said.

Udo Niehage, head of Siemens’s power transmission unit, will leave the company, the newspaper added. Siemens declined to comment, the FTD said.

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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