Philomena storms caused heavy snowfall in Spain including 4 causalities. Major online weather service has issued an orange warning for extremely low temperatures.
What is the impact of Severe weather? Severe storms can disrupt the power supply leading to partial to complete back out. Schools, Government offices, and companies might need to shut down completely to avoid any accidents.
Catastrophically weather could also impact the demand and supply of the food chain.
Flights, railways, and transport have been slow down and lead to the cancellation of various transport services. More than 55 flights across Spain have been canceled.
Because of a power outage, companies will have to run on emergency and reserve batteries.
The sudden requirement in power will shoot up a spike in energy demand.
Snowfall storms can cause major catastrophic accidents on the road as visible to become near to zero. Snow is estimated to rise higher than 5 cm in Toledo and Madrid.
The impact of Philomena may cause an increase in the cost of the company’s operations and thereby leading to higher volatility in the stock market.
SIEMENS GAMESA is an energy company listed on the Madrid stock exchange. They are a leader in the renewable energy sectors.
The share price of SIEMENS GAMESA is trading at a day range of 37.03 – 39.35. The 52 Week Range is 10.68 – 39.35. And, the average volume is trading around 1,437,689.
Impact on energy companies might lead to a bearish view in major stock markets like FTSE, Singapore, USA, Australia, and India. You can view the list of companies registered in the Madrid share market
The State Meteorological Agency (AEMET) is a department of the Spain Government accountable for providing accurate weather predictions, issue notice of hazardous weather.
Philomena storms has impacted neighborhoods of the Canary Islands. Severe weather alerts have been issued in the following the Spanish Peninsula. The majority of the national highways are closed.
Historically, there are two major cyclones in the European Peninsula. In 2005, Hurricane Vince caused severe damages in southwestern Spain. And, in 2020 Storm Alpha led to landfall in northern Portugal.