GE Renewable Energy revenues up 66% in Q3

UNITED STATES: GE's renewable energy business reports increased revenues of $2.78 billion in Q3, with nine-month figures also up 51%.

Orders in Q3 totalled $3 billion, up 59%, GE said

In the three months ending 30 September 2016, revenues at GE Renewable Energy increased to $2.68 billion, up from $1.67 billion in 2015.

Over the nine months of 2016, revenues also increased from $4.34 billion to $6.54 billion.

The firm said it received $404 million in orders to repower and upgrade its US turbine fleet.

Orders also included the contract to supply the 396MW Merkur offshore project in Germany.

"Orders in the quarter totalled $3 billion, up 59%. Core orders, excluding Alstom, of $1.9 billion grew 3%," said GE chief financial officer Jeff Bornstein.

"We expect Q4 orders to be strong as the final fully qualified US PTC orders are placed. Repowering, upgrades and new units provide a strong outlook for Q4 and the future," Bornstein added.