Siemens cuts renewables workforce, signaling downturn in industry

Germany electronics and equipment manufacturing giant Siemens announced plans to cut hundreds of jobs in its renewable energy division, according to Reuters.

Siemens has emerged over recent years as a primary provider of wind turbines and solar panels. But the company saw its new orders fall 40 percent as interest from its largest market, Germany, slumped in response to overgrown renewable energy subsidies.

In the U.S., Siemens has already announced that it will cut 615 jobs from its wind energy manufacturing plants, or roughly 37 percent of its workforce.

Technology Review suggests that this round of layoffs from a major power in the renewable energy sector indicates that wind power installations are likely to decline in coming years, with the expiration of a key tax credit at the end of this year.

The news source notes that the tax credit has become focal point of the upcoming presidential election. Bloomberg reports that Nuclear Energy Institute chief executive officer Marvin Fertel said recently at an industry conference that every government-supported energy source could be strained, including ethanol and nuclear power.

U.S. wind energy prospects are detailed in PennEnergy's Research area.

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