Siemens Energy warns of deeper net loss over Russia restructuring

FRANKFURT (Reuters) – Siemens Energy, which supplies equipment to the power industry, on Monday warned of a deeper than previously expected net loss in 2022, on a charge of around 200 million euros ($204 million) due to the restructuring of its business in Russia.

The company, which is maintaining the turbines of the Nord Stream 1 Portovaya compressor station, said its net loss would exceed the 560 million euro loss in 2021 by the charge, which is reported as a special item.