GE’s renewables unit has continued to report deepening losses of $419m for the second quarter of 2022 ending 30 June, compared with a loss of $99m in the same quarter in 2021.
For the first half of 2022 the renewable business reported a loss of $853m compared with a loss of $333m in the first half of 2021.
Revenues and orders in GE’s renewables business were also down in the second quarter of 2022.
The unit reported revenues of $3bn for the second quarter, compared with $4bn for the same period in 2021, while orders for the second quarter in 2022 were $3.1bn compared with $3.2bn in the same period in 2021.
The 3% decrease in orders is due to continued pressure in the onshore wind equipment market reflecting lower US volume resulting from the PTC expiration, as well as the business’ international selectivity strategy, GE said.
This decline was partially offset by growth at the grid and hydro segments.
The 23% (reported) revenue decrease was due to lower North America deliveries in the onshore wind business.
In 2022, GE no longer expects a step-up in profit in renewable energy in the second half due to “additional US onshore demand pressure, inflation, and fleet durability actions”.
Renewable energy is taking swift action to turn around this business, GE said.
Given its “strong portfolio and fundamental importance” in the energy transition, GE said it is confident in the business’ ability to drive profitability over time.
During the quarter GE introduced its newest onshore 3-3.4MW wind turbine platform designed specifically for the North American region.
GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services are to come together under the GE Vernova brand name.