GE Vernova's wind division reported a reduction in EBITDA losses to $588 million for 2024, compared to a loss of $1 billion in 2023. The division's revenues amounted to $9.7 billion, down 1% from $9.8 billion on a US GAAP basis, primarily impacted by challenges in the offshore wind sector.
Total orders for the year reached $7.1 billion, a 38% decrease on an organic basis, driven mainly by lower demand for onshore wind equipment. Despite this, GE Vernova secured over 1GW in US onshore wind repowering orders, marking a 76% increase from 2023.
Scott Strazik, CEO of GE Vernova, said: “GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins. Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost.
Offshore wind performance, however, was described as “challenging,” with the company recording approximately $1 billion in incremental contract losses due to issues related to blade failures and delays. CFO Ken Parks explained that the losses were largely linked to blade execution issues at the 804MW Vineyard Wind project in the US and the 1.2GW Dogger Bank A site in the UK.
As the company looks to 2025, Strazik expressed optimism for the future, noting, “I'm grateful for our team's dedication and optimistic about the future as we continue creating value for our stakeholders.
