Siemens Energy on Thursday withdrew profit guidance for its 2023 fiscal year due to struggling turbine OEM Siemens Gamesa citing a “substantial increase in failure rates of wind turbine components”.

The Siemens Energy board of directors has initiated an extended technical review of Siemens Gamesa’s installed fleet and product designs, the company said in a statement.

“The current status of the technical review suggests that in order to reach the targeted product qualify of certain onshore platforms, significantly higher costs will be incurred than previous assumed,” said the statement.