"Our Renewable Energy business has significant long-term potential, as evidenced by the strong orders growth in the quarter and continued growth of our backlog. In the quarter, we saw improved pricing in onshore wind, announced several deals outside the U.S., reinforcing our commitment to growing internationally, and made noteworthy progress on both the Haliade‑X and Cypress Platform, our signature technology initiatives. Also notable, this is the first quarter in which we include Grid Solutions in our financial results. Looking forward, we see a good level of activity for 2021 projects in the U.S. despite the lower value of production tax incentives."

– Jérôme Pécresse, President & CEO of GE Renewable Energy

GE Renewable Energy 4th Quarter 2018 Highlights

 


Progress on strategic goals

LEAD WITH TECHNOLOGY

  • Secured more than 4 GW in U.S. onshore wind orders in the first half of the year, reinforcing continued strong demand for GE’s 2 MW platform
 
 
  • Announced first 40-year certification of a wind turbine for a 40-year period, helping customers to lower LCOE and de-risk their wind farms; TÜV NORD to test and certify GE Renewable Energy’s 2.7-116 turbine
 
GE's Cypress onshore wind platform
GE's Cypress onshore wind platform

WIN IN HYDRO

  • Awarded a contract by FirstLight to supply a new spherical valve on the Northfield Mountain hydro pumped storage facility in Massachusetts, New England’s largest energy storage facility. Enough hydro storage is planned in the U.S. to double the size of the existing fleet, creating a significant opportunity for GE Renewable Energy as a leader in this space. (Source: Scientific American)
 
  • Shipped the last Francis runner for the Grand Renaissance hydropower plant in Ethiopia – one of the largest hydro projects anywhere in the world – from the Hydro site in Grenoble, France
 
  • Received the Final Acceptance Certificate from Vietnam Electricity (EVN) for the new Lai Chau hydropower plant, one year ahead of the government approved schedule
 
GE's Haliade-X offshore wind turbine
GE's Haliade-X offshore wind turbine

BUILD ON GRID SOLUTIONS

  • Awarded contract to upgrade three 765 kV Fixed Series Compensation (FSC) banks at Hydro Quebec’s Montagnais Substation, demonstrating GE’s ability to upgrade FSC banks of other suppliers to its industry leading design
 
  • Supplied Scotland’s SSEN Transmission system with gas-insulated substations using GE’s environmentally-friendly Green Gas for Grid or g3 in place of SF6, the world’s most potent greenhouse gas with a global warming potential more than 23,500 times that of CO₂. The g3 equipment features the same high performance and dimensional footprint as SF6 equipment, but has 99% less global warming potential
 
GE's Battery Energy Storage systems
GE's Battery Energy Storage systems

GROW GLOBALLY

  • Set to begin construction on Enfin’s 50 MW Cofrentes wind farm in Spain, featuring 13 of GE’s 3.8-137 onshore wind turbines, highlighting company’s operations, blade manufacturing, services and digital monitoring capabilities
 
  • Signed deal to provide 81 turbines from 2 MW platform along with five-year Service Agreement to power the 220 MW Potegowo wind farm in Poland, which will help save 480,000 tons of carbon dioxide (CO2) emissions per year
 
  • Will supply 26 3.8-137-110HH turbines for phase II for DTEK Renewables B.V. 200-MW Primorsk wind farm in the Ukraine for which GE Capital facilitated €90MM in project financing
 
Wind turbine blade
Wind turbine blade

GROW SERVICES

 
  • Repowered 4 GWs of onshore wind capacity in the U.S. since 2017; expects to repower an additional 3 GW of units for 11 customers at over 25 new wind farms by the end of 2020

 

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