I take no pleasure in anyone losing their job, but this is an inevitable consequence of an artificial market driven by subsidies.
By Paul Homewood
We touched on this story a couple of weeks ago, and now it looks as if the job losses are real:
Siemens is to release two per cent of its global workforce, mainly in Germany, as its power and gas division continues to suffer from the onslaught of clean energy expansion.
6,100 jobs are to go before 2020 in the power division alone, with a further 800 in other departments. “The market is burning to the ground,” Siemens board member Janina Kugel who is in charge of group human resources, told journalists in a call following the announcement.
The company’s lucrative $9bn order for its Egyptian mega-project shielded the company from a much worse situation, as its traditionally strong gas-fired turbine manufacturing business continues to suffer in the shadow of renewable energy revolution.
“The power generation industry is experiencing disruption of unprecedented scope and speed,” Siemens management…
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