Published: 30 January 2020 30 January 2020
Ge Renewable Energy’s orders of $4.7 billion were down 11% reported and 10% organically due to the non-repeat of large deals in Hydro and Grid Solutions in the last three months of 2019. Onshore Wind orders were flat reported, and new order pricing in Onshore Wind continues to stabilise.
Revenues of $4.7 billion were up 2% reported and 4% organically. Onshore Wind marked record deliveries in the quarter of 1,553 total turbines and repower kits, with roughly two-thirds of these in the U.S. Segment profit of negative $197 million was driven by execution issues, particularly in Grid; price headwinds; tariffs; and increased R&D investment; partially offset by positive volume. Total orders in 2019 were $ 16.9 billion up 10% year over year. Backlog is up 16% versus prior year to over $ 27.5 billion. In 2019 GE signed offshore wind commitments for nearly 5GW, 3.6 GW for the Dogger Bank project in UK and 1.2GW for Orsted US projects in Maryland and New Jersey. The company generated 3,100MW of onshore sales in Q4 worldwide, up 36 % year-over-year. Total year onshore sales is over 9,500 MW, up 40% year-over-year. Revenues from Services, including repower kits, across the Renewable Energy portfolio were above $3 billion for 2019, up 7% year-over-year.