Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

United States

United States

GE turbine sales down in 'challenging' market

US: GE remains optimistic of a continuing "strong global demand for onshore wind" despite a "challenging price dynamic" cutting its renewables profit by half.

GE's 2.5MW turbine (above) was selected for two Iowan projects with a combined capacity of 470MW in Q2
GE's 2.5MW turbine (above) was selected for two Iowan projects with a combined capacity of 470MW in Q2

Its renewables unit had a profit of $82 million in Q2 2018, down 48% from its profit in the same period 12 months ago.

Orders ($1.73 billion) and revenue ($1.65 billion) were also down year-on-year, falling 15% and 29% respectively.

The manufacturer explained wind turbine sales were also down in the second quarter, but did not provide figures.

It also stated its renewables profit being squeezed was "driven by a challenging price dynamic in the market". The company’s renewable energy unit had also recorded lower sales in Q1.

However, GE added that there was a still "strong global demand" for onshore wind, with its backlog growing 32% against its order book one year earlier.

GE announced orders for wind farms in Jordan and in Iowa in the US, during the three months to the end of June.

The wider GE group also announced plans to divest its oil and gas division in June, intending to focus on its aviation, power and renewable energy units.

Elsewhere in Q2, the GE group performed well in its aviation, healthcare and corporate units, while its power and capital earnings fell.

Its overall revenue of $30.1 billion was up 3% on the same period a year earlier.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Windpower Monthly Events


Latest Jobs