“I don’t want to make any kind of excuse, but these kind of offshore grid installations have not been done before,” Peter Löscher told financial analysts after its Power Transmission division booked a €278m ($367m) charge in the group’s second-quarter financial results.
The charge relates to project delays and revisions to the resources needed to connect German offshore wind farms.
Löscher says that no one has built offshore substations of the size of the German projects, and that the permitting process had been much more complicated than the company had expected.
“(Siemens)
