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Home » Uncategorized » GE Renewable Energy losses widen
Finance

GE Renewable Energy losses widen

Robin LancasterBy Robin LancasterJuly 29, 20201 Min Read
GE scoops 300MW prize in India

GE Renewable Energy recorded a loss of $498m in the first half of 2020, 34% wider than the $371m loss in the same period last year.

Revenue in the first six months of the year was up slightly in the period on last year to almost $6.70bn from just under $6.16bn in 2019, helped by new turbine deliveries and repowering deals.

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However, orders fell 16% to just over $6.06bn from $7.19bn in 2019.

Second quarter orders were down 19% to $2.99bn, primarily driven by US onshore and grid deals that pushed out of the first half of the year due to Covid-19, the company said.

The Q2 loss was $195m, wider than the $184m last year.

GE said the loss was mainly driven by the negative impact of supply chain and project fulfilment disruptions associated with Covid-19 and quality-related costs, partially offset by onshore wind price and lower project execution losses.

Globally, GE delivered 830 new onshore turbines in the second quarter and 357 repower kits.

The company said factory output remains strong with its plants at 90% production capacity.

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