GE Renewable Energy loses $434m in first quarter as US and inflation hammer onshore wind

GE Renewable Energy lost $434m in the first quarter of 2022 – almost double last year’s Q1 deficit – as a tough US onshore wind market and supply chain inflation piled pressures on its profitability.

The latest first quarter deficit was 85% higher than the $234m it lost in the first three months of 2021, as GE Renewable Energy also saw orders fall 21% year-on-year “driven by lower onshore equipment orders, consistent with inflation-driven customer delays and the US market decline”.