United States

United States

GE's orders and sales increase in 2018

GE Renewable Energy's revenue and order volume and value grew last year, while its operating profit declined, according to its 2018 financial results.

GE installed more wind power capacity in the US than any other OEM last year, according to AWEA figures
GE installed more wind power capacity in the US than any other OEM last year, according to AWEA figures

The OEM logged orders for 8,591MW of onshore wind turbines in 2018, up 8% from the previous year.

Across the renewable energy segment, total orders were valued at $10.9 billion, up 5% from 2017.

However, its operating profit fell 51% year on year to $287 million.

GE stated this was due to "price, liquidated damages for execution delays on projects and higher losses related to the legacy Alstom joint ventures".

GE acquired Alstom’s power and grid business in 2015 and began fully consolidating the company in the fourth quarter of 2018, it added.

Jérôme Pécresse, president and CEO of GE Renewable Energy said the increase in orders and sales in 2018 "reinforced the potential of the renewable energy business to be a growth engine for GE".

"We will continue to invest in leading-edge technology – such as our Haliade-X and Cypress platform offerings – to drive down the cost of renewable energy and speed the clean energy transition," he added.

In the US, GE installed more wind power capacity than any other OEM last year.

It added 3,010MW in 2018, more than Vestas’ 2,886MW, Nordex’s 866MW and Siemens Gamesa’s 630MW, according to figures from the American Wind Energy Association (AWEA).

GE also had the most wind capacity in construction and advanced development in the US at the end of the year.

The manufacturer had 6,401MW either being built or close to construction, ahead of Vestas’ tally of 6,079MW, Siemens Gamesa’s 1,412MW and Goldwind’s 179MW, according to AWEA.

Earlier this week, GE announced plans to consolidate its renewables and grid assets (from the Power segment) into the Renewable Energy segment.

Orders from the Power business unit were down 23% to $27.4 billion last year, and revenue was down 22% to $27.3 billion.

Overall, the segment made a loss of $808 million in 2018, down from a $1.9 billion profit the previous year.

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