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RWE, Siemens Energy expect delays to offshore projects

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RWE launches buyback due to cooling renewables environment

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Siemens Energy: future US projects could be affected

By Christoph Steitz and Vera Eckert

MUNICH/FRANKFURT Nov 13 (Reuters) - Two of the world's

biggest renewables players on Wednesday warned of challenges for

the U.S. offshore wind sector under a presidency led by Donald

Trump, flagging potential delays for the technology slammed by

the president-elect.

The comments by Germany's RWE, the world's No. 2

offshore project developer, and Siemens Energy, the

biggest maker of offshore wind turbines, reflect a sobering view

of Trump's expected impact on renewables after his victory in

this month's presidential vote.

"Given the results of the U.S. elections, we see higher

risks than before for the timely implementation of offshore wind

projects there," RWE finance chief Michael Mueller told

journalists after presenting nine-month results.

"We have to expect that investments in our projects will

come later than originally planned," he said.

Christian Bruch, CEO of Munich-headquartered Siemens Energy,

also pointed to looming issues in offshore permitting in the

U.S. in the future, assuming current projects that had already

secured permitting would be unaffected.

"Those would be projects slated for '29, '30, '31," he told

journalists after also presenting full-year results that

included an upgrade of the company's mid-term targets, causing

shares to reach a fresh record high.

Trump's potential impact on clean energy technologies has

been squarely in focus by investors, who fear he could repeal

parts of current President Joe Biden's Inflation Reduction Act,

a scheme aimed at attracting investments into solar, wind and

hydrogen.

In response to the cooling environment for offshore and

hydrogen, where investors have become more reluctant over

potential regulatory changes, RWE unveiled a 1.5 billion euro

($1.59 billion) share buyback as a smarter way to spend its

cash.

Trump earlier this year singled out offshore wind as a

technology he would target once in office, causing shares in

Orsted, the world's biggest offshore wind project

developer, to plunge.

($1 = 0.9413 euros)