GE's renewable energy business books USD-2.2bn loss in 2022

The renewable energy segment of General Electric Co (NYSE:GE) suffered a loss of USD 2.24 billion (EUR 2.06bn) in 2022, compared to a loss of USD 795 million in the preceding year, the US conglomerate’s results showed this week.

The segment's margin deteriorated to negative 17.3%, reflecting lower volume at onshore wind, inflation pressure and higher warranty and related reserves in the third quarter of 2022.

In the final quarter of 2022, the segment’s loss widened to USD 454 million from USD 312 million a year earlier. Orders showed a 4% increase due to higher equipment growth at Grid and Onshore Wind in North America.

More details of the business’ performance are in the table:

Renewable energy is part of GE Vernova, which groups the company’s energy businesses. GE’s outlook projects an operating loss of between USD 200 million and USD 600 million for GE Vernova in 2023 and low-to-mid single-digit organic revenue growth.

“In GE Vernova, Power is delivering with Gas Power stable, and Renewable Energy is taking action to drive operational improvements as it also begins to benefit from external catalysts like the Inflation Reduction Act,” said GE chairman and chief executive Lawrence Culp.

(USD 1 = EUR 0.919)

Choose your newsletter by Renewables Now. Join for free!