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Newsbytes: Green Energy Disaster Sinks Siemens CEO

Watts Up With That?

From Dr. Benny Peiser and The GWPF

Merkel’s Green Shift Backfires As German CO2 Emissions Jump – solar business closing

Siemens, Europe’s largest engineering company, has lost patience with its CEO after Peter Loescher’s expansion into green energy and expensive acquisitions led to a fifth profit-forecast cut. Supervisory board officials have asked for the 55-year-old Austrian native to be ousted. A key element of Loescher’s growth strategy was the 2009 announcement that he would transform Siemens into a “green infrastructure giant”, heralding a drive into solar technology to promote Siemens as a partner for companies and governments keen to use more renewable energies. At the 2010 annual general meeting, he wore a green tie and called for a “green revolution.” Since Loescher took over in July 2007, the shares have declined 22 percent. –Alex Webb, Bloomberg, 29 July 2013

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SMIPP Ltd is a DG Independent Power Plant Private Joint Stock Company. 25-60 MW Gas Turbines Power Generators

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