GE Renewable Energy books deep bottom-line deficit in 2022

Lower activities in the onshore division were among the factors driving US manufacturer’s net loss USD 2.2bn in 2022.
Photo: Ge Renewable Energy
Photo: Ge Renewable Energy

These are tough times for turbine manufacturers, and European players are not alone in facing hardship. US-based wind OEM GE Renewable Energy also reports to have taken a hit, as evidenced by the company’s 2022 financial report.

The turbine maker came out of 2022 with USD 12.9bn in revenue against USD 15.7bn in 2021.

This is especially attributable to lower activities in the onshore division, the company reports while mentioning price and cost measures aimed at improving earnings.

”Long-term, Renewable Energy is firmly positioned to lead the energy transition, building on advanced technologies and external growth catalysts, such as the Inflation Reduction Act, while taking action to improve performance,” GE writes in the report.

Order intake also diminished significantly, dropping 19% from USD 18.2bn in 2021 to USD 14.7bn in 2022. 

On the bottom line, GE Renewable Energy books a deficit of USD 2.2bn. The company’s 2021 accounts also revealed a loss, which came to USD 795m.

For the full year, GE Renewable Energy secured order intake of 7.8GW against 12.1GW in 2021.

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