Published: 01 August 2019 01 August 2019
GE Renewable Energy made an operating loss of US$ 184 million in the second quarter of 2019, compared with a profit of US$ 85 million in the same period last year. Revenue in the second quester grew from US$ 2,8 billion to US$ 3,6 billion.
Orders for onshore wind turbines amounted to US$ 3.676 million (2.670MW) compared to US$ 2.714 million (1.032MW)in Q2 2018. According to GE, the sector faces turbine pricing pressures and the company was also impacted by challenging onshore project execution in Asia-Pacific, joint-venture consolidation, higher losses on legacy contracts and increased research and development investments and tariffs. However, during the quarter, the company saw improved pricing in onshore wind, announced several deals outside the US and made progress on both the Haliade-X (offshore) and Cypress (onshore) platforms. The results were the first time GE Renewable Energy included grid solutions. Looking forward the company see good levels of activity for 2021 projects in the USA, despite the lower value of production tax incentives. It was the first time the results also included grid solutions.