US energy equipment manufacturer GE Vernova plans to eliminate approximately 150 offshore wind-related jobs at its Barcelona hub, which employs around 300 staff, according to the Spanish trade union CCOO. This move is part of a broader restructuring plan for the offshore wind division, expected to result in the loss of 900 jobs, with 750 positions affected in Europe.
The European Works Council has been informed of the plan, which includes a 45-day consultation period aimed at minimizing the impact of the layoffs. The restructuring was announced on September 16, as reported by CCOO.
CCOO opposes the restructuring, suggesting it is a strategy to boost GE Vernova's share price, potentially benefiting top management's bonuses while partially withdrawing from the market to inflate product prices. Despite a significant increase in GE Vernova's share price since its public listing, the company has decided to move forward with the layoffs amidst growth in offshore wind markets in Europe and the US.
Furthermore, the Spanish government recently updated the National Integrated Energy and Climate Plan to accelerate the installation of offshore wind power in the country. CCOO highlighted that restructuring in the onshore wind sector in 2023 led to staff shortages, necessitating rehiring at critical sites. The union warned that a similar scenario could unfold again if the planned layoffs proceed, with rehiring likely occurring in the US rather than Europe.
In a statement, CCOO emphasized, “State and European administrations have the opportunity to demand from the company that, if it needs to further support the industry by increasing power purchase agreement and auction prices to make the business profitable, it must commit to keeping the jobs in Europe.”
