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GE Vernova Faces Industry Challenges, Plans Offshore Wind Downsizing

GE Vernova is set to downsize its offshore wind business, with a potential impact on approximately 900 employees globally. The move, which was confirmed by the company, reflects broader industry challenges, including inflation, global supply chain disruptions, and project delays. According to a GE Vernova spokesperson, a proposal was submitted to the GE Vernova European Works Council on September 19, outlining plans to transform the offshore wind division into a smaller, more efficient, and profitable operation.

The company, however, has expressed commitment to assisting affected employees during this transition period. “We will do everything we can to help everyone in their potential transition inside or outside GE,” a company source stated. The downsizing plan is intended to support GE Vernova’s strategy to bring its offshore wind business back to profitability by integrating it into the broader Wind Segment.

The industry, particularly the offshore wind turbine sector, has been experiencing significant headwinds in recent years. Like many of its competitors, GE Vernova has been grappling with inflationary pressures and delays in key projects. These challenges are not unique to GE; other major players in the industry, such as Vestas and Siemens Gamesa, have also been facing similar obstacles.

The impact of GE Vernova’s restructuring on the offshore wind turbine market remains uncertain. The European market, which is already competitive with players like Vestas, Siemens Gamesa, and China’s Mingyang Smart Energy, could see further shifts in dynamics. In the U.S., GE Vernova’s Haliade-X platform remains a significant player, having been chosen for several major offshore projects. However, with competition tightening, the long-term effects of this downsizing on both capacity and market share are yet to unfold.

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