GE Vernova has halved the losses in its wind business, reporting a deficit of $588m in 2024 compared with red ink of $1bn in 2023.
Revenues remained roughly the same with $9.7bn reported in 2024 compared with $9.8bn in 2023.
Orders fell by 38% to $7bn in 2024 against $11.4bn in 2023.
GE Vernova’s onshore wind strategy is focused on preparing for the coming “inflection point”.
The existing installed base of 57,000 wind turbines includes 35,000 units operating in the US.
“To be ready for this growth inflection, we will continue to improve our existing fleet’s performance, as we invest into more cranes and crews to inject technological improvements to ensure we have the safest and best performing fleet in the world,” the company said.
Offshore wind experienced a “tough year” in 2024.
The company stated it will be better prepared for 2025 and is focused on executing on the existing backlog in the “safest, highest-quality way and looking for smart opportunities to expedite completion of this backlog” for customers and its financials.
The results GE Vernova released today comprise its first annual report since becoming an independent company.
“We approach our role with an enormous sense of responsibility, knowing the world relies on us for the equipment, services, and software to produce and distribute the electricity it needs,” said Chief Executive Officer Scott Strazik (pictured).
“By nurturing today’s state-of-the-art technologies, while investing in innovation, cutting-edge manufacturing, and lean, we see a clear pathway to grow electrical supply while addressing climate change.”