GE Renewable Energy losses bust $2bn in 2022 as Vernova era beckons

GE Renewable Energy posted a loss of more than $2bn for 2022 as it prepared for a fresh start as part of GE Vernova, the US giant’s newly-minted energy business that is itself forecast to lose up to $600m this year.

The $2.24bn deficit – up from the $795m loss GE Renewable Energy posted in 2021 – came after a year of multiple pressures ranging from difficulties at its key US onshore wind operation to rampant supply chain inflation and a third quarter $500m warranty reserve.