GE released its Q3 2021 earnings report on Tuesday. The company booked US$6.59 billion in renewable energy orders, representing a 65% increase over Q3 2020. However, GE’s renewable segment lost US$151 million in the quarter. So far in 2021, its renewable segment has booked a loss of US$484 million compared to US$628 million for the nine months that ended September 30, 2020.
“Onshore wind was slightly positive but down year-over-year, where cost reductions were more than offset by lower US repower volume, mixed headwinds as new products ramp and come down the cost curve, and supply chain pressure,” the company said in a statement. “Offshore wind margins remain negative as the business works through legacy projects.”
The silver lining is that demand for GE offshore orders is stronger than ever. The company said that offshore wind was the prime driver behind its order surge, whereas onshore wind only grew modestly.