GE Vernova, the manufacturer whose nixed megaturbine recently sank three New York offshore wind projects, said it’s waiting for that industry to “thrive” before it supplies new wind farms.
CEO Scott Strazik said in a Thursday call with investors that GE Vernova will be “highly selective” as it tries to make its wind segment turn a profit. The company posted a $106 million loss for the first quarter of 2024, its first financial quarter as a stand-alone business, despite profitability in its power and electrification segments.
A former division of General Electric, GE Vernova’s caution about the offshore wind industry echoes a broader reset in the nation’s offshore wind market that’s been thrashed by inflationary costs for 18 months.
“With the phase that offshore wind has been in generally over the last few years, it’s been hard to get projects to a point that they’re ready to thrive,” Strazik said. “There’s a lot of complexity in offshore wind that we’re all learning from, and we’re going to keep working on it every day because we do believe it’s going to play a role in the energy transition.”
