Until now, GE has been unusual among leading turbine suppliers in not having an in-house supplier of blades.

So what are the consequences? Obviously, GE is likely to increase the share of its blades that it sources from LM. With LM already its sole supplier of blades for its Halide turbine, not a lot has changed there.

We don’t expect the dynamic between LM and its other clients to change that much. GE has a strategy to buy from outside of the group, avoiding the cosy (but potentially dangerous) practice of ‘selling to itself’.