Ifo President Clemens Fuest criticizes the possible state aid for Siemens Energy. “There is no convincing justification for the state to support Siemens Energy financially or with guarantees,” said the top economist on Friday. According to Fuest, the support means a transfer of tax money to the creditors and shareholders of Siemens Energy, who should actually be liable. “It is the task of the creditors and shareholders to restructure the company and waive claims.”
After that, the production of wind turbines could continue, added the head of the Munich research institute. Wind turbines could also be imported from other countries if Siemens Energy were to stop production. “Self-sufficiency in this area is unnecessary and not necessary for the energy transition,” says Fuest.
Because of the problems in the wind power business, the company asked the state for help on Thursday. The company, which is struggling with billions in losses, confirmed discussions with the federal government about state guarantees. There is a growing need for these guarantees, especially due to the increasing orders for gas turbines and power grids. According to media reports, it is about up to 15 billion euros. The federal government did not want to comment on details of the negotiations on Friday, but described the group as relevant for the transformation of the German economy towards climate neutrality – and thus the entire location.