27 Apr '12, 5pm

China Grid Slowdown Hurts Siemens, ABB: The smart grid industry’s malaise so far this year has a decidedly int...

China Grid Slowdown Hurts Siemens, ABB: The smart grid industry’s malaise so far this year has a decidedly int...

The smart grid industry’s malaise so far this year has a decidedly international flavor to it. Along with the post-stimulus slowdown in the United States and Europe’s ongoing economic crisis, we’ve apparently got slowdowns in orders from would-be next-generation growth markets like China and India to deal with. Those are some conclusions to draw from a flurry of bad first-quarter financial news for the smart grid this week. One of the biggest came from Siemens, which lowered its 2012 profit guidance on Wednesday from 6 billion euros ($7.95 billion) to between 5.2 billion and 5.4 billion euros ($6.9 billion to $7.1 billion), based on slowdowns both in European offshore wind power and in Chinese grid equipment. The biggest hit was Siemens’ 278-million-euro charge for delays in North Sea wind power transmission projects , which came on top of a 203 million euro ($266.4 millio...

Full article: http://www.greentechmedia.com/articles/read/china-grid-sl...

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