What is causing GE Vernova's wind unit to face a revenue hit?

Installation delays at an offshore Massachusetts project, specifically the Vineyard Wind project, are causing GE Vernova's wind unit to face a revenue hit and potential losses.

How much revenue could GE Vernova's wind unit lose due to project delays?

The company anticipates a revenue shortfall of about $250 million this year and potential losses of around $400 million due to installation issues at the Vineyard Wind project.

Which of GE Vernova's units are experiencing strong demand?

GE Vernova's power and electrification units are experiencing strong demand, driven by factors like data centers, artificial intelligence, and increased electricity consumption.

Home / Business and Economy / GE Wind Unit Faces $250M Revenue Hit

GE Wind Unit Faces $250M Revenue Hit

28 Jan

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Summary

Offshore Massachusetts project delays may cost $250 million in revenue.
Failure to install 11 turbines at Vineyard Wind could cause $400 million in losses.
Data centers are driving strong demand in power and electrification units.

GE Vernova announced on Wednesday that its wind power division anticipates a revenue shortfall of approximately $250 million for the current year. This projection is primarily due to installation delays encountered at a significant offshore project located in Massachusetts. The company also foresees a reduction in its overall order backlog.

The failure to install eleven turbines at the Vineyard Wind project is specifically cited as a cause for potential low double-digit revenue drops and approximately $400 million in losses. This project is designed to feature a total of sixty-two turbines.

Despite the anticipated decline in backlog, GE Vernova remains optimistic about its wind unit's financial performance, expecting stable margins by 2026. Tariffs implemented in the second quarter of the previous year also impacted results by roughly $70 million, adding pressure to the wind business.