Siemens Energy said it expects to make a €4.5bn ($4.95bn) net loss this year as it gave details of billions of euros of costs arising from problems at its stricken Siemens Gamesa wind power unit, both onshore and at sea.

The German group today (Monday) said it expects to have to spend €1.6bn fixing quality problems with its onshore wind turbines, with the main part of the repair costs coming in the 2024 and 2025 fiscal years.