GE’s renewables records a $419m loss

“GE’s renewable energy business, which is currently based in Paris but will be merged with GE Power before its planned 2024 spin-off, lost $419 million during the second quarter, forcing GE to cut back on its expectations for the unit for the rest of the year. Orders were down 3 percent. … The company said that the expiration of the federal renewable energy tax credit and global inflation have caused uncertainty in the renewable energy market, which still carries high business risks. … In a statement, GE said the U.S. political environment is hurting GE’s renewable energy business.”

Originally published here at the Times Union on 26 July 2022.

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