GE expects its renewable energy arm to lose about $2bn in 2022 after posting a deficit approaching $1bn in a third quarter alone that showed the massive pressures facing the US giant’s wind power operation.
“We’ve all been disappointed with our year to date performance," said CEO Larry Culp on an earnings call, referring to renewables.
GE Renewable Energy lost $934m in the three months to September 30, including the impact of $500m of warranty and related reserves, lower volume in its key onshore wind business and inflationary pressures across the board.
