GE Vernova has significantly reduced its losses in the wind energy sector, reporting a $588 million loss for 2024, compared to a $1 billion loss in the previous year. The company’s revenue remained relatively stable, totaling $9.7 billion for 2024, slightly down from $9.8 billion in 2023.
GE Vernova, which specializes in energy technologies, also saw a decline in orders for its wind products, with a 38% drop to $7 billion in 2024, down from $11.4 billion in the previous year. Despite the decrease in orders, the company remains committed to improving its onshore and offshore wind operations, citing a “preparation phase” for what it describes as an upcoming “inflection point” in wind energy growth.
The company’s onshore wind strategy focuses on optimizing the performance of its existing fleet of 57,000 wind turbines, including 35,000 units currently operating in the U.S. As part of its efforts to prepare for the expected growth in the sector, GE Vernova plans to invest in additional cranes and crews to implement technological advancements, ensuring that its fleet continues to be the “safest and best performing” in the industry.
Offshore wind, however, experienced a more challenging year in 2024. The company acknowledged the difficulties and stated that it is focused on executing its existing backlog in the most efficient and highest-quality manner, with plans to expedite the completion of projects in 2025. This will not only improve customer satisfaction but also benefit the company’s financial performance.
This report marks GE Vernova’s first annual results since it became an independent company. In a statement, CEO Scott Strazik emphasized the company’s responsibility in the global energy transition, saying, “We approach our role with an enormous sense of responsibility, knowing the world relies on us for the equipment, services, and software to produce and distribute the electricity it needs.
Looking ahead, Strazik expressed confidence in the company’s future, noting, “By nurturing today’s state-of-the-art technologies, while investing in innovation, cutting-edge manufacturing, and lean, we see a clear pathway to grow electrical supply while addressing climate change.
