General Electric’s renewables business pared losses by 66% in the third quarter to $317m from a year earlier with onshore wind turning profitable, as the company announced spin-off of its GE Vernova energy and power division will occur early second quarter 2024.

CEO Larry Culp attributed the division’s improved performance to better pricing, cost reduction, improving fleet reliability, greater manufacturing efficiencies and selectivity where it does business, more reliance on a reduced number of “workhorse” products, and productivity gains.