"In the third quarter, we achieved critical milestones in commercializing the Haliade-X, the most powerful turbine in the offshore wind market, as our customers announced that we’ve been chosen as the preferred turbine supplier for deals in the U.K. and U.S. totaling nearly 5 GW. These deals in the fast-growing offshore wind market demonstrate the value we can bring to customers by providing technology that drives down the cost of clean, renewable, offshore wind energy. Combined with new orders for our Cypress onshore turbines, deals that showed our ability to grow globally, strategic wins in hybrid renewables, and key milestones for our newly integrated Grid Solutions technologies, we continue to position Renewable Energy as a growth engine for GE."

– Jérôme Pécresse, President & CEO of GE Renewable Energy

RE-3Q-2019-Earnings_Infographic_v3

 


Progress on strategic goals

LEAD WITH TECHNOLOGY

HALIADE-X

  • Selected as the preferred turbine supplier for the 3.6 GW Dogger Bank Wind Farm, the largest wind farm in the world. The project — a joint venture between Equinor and SSE Renewables — will provide enough clean, low-carbon energy to power over 4.5 million homes annually, equivalent to around 5% of the U.K.’s estimated electricity generation. 
 
  • Chosen by Ørsted, the world-leading offshore wind developer, as the preferred turbine supplier for two of its U.S. offshore wind farms with a combined capacity of over 1.2 GW. The projects in Maryland and New Jersey are expected to be commissioned in 2022 and 2024 respectively.

HYBRID SOLUTIONS

  • Selected as technology supplier for one of the world’s largest grid-scale battery hybrid projects — the 200 MW Solar River Project in South Australia.

BUILD CYPRESS PLATFORM

In 3Q’19, we have booked orders for 120 units of the Cypress turbine which is on track with what we expected earlier this year. Key deals included:

  • An order to supply 46 wind turbines to the 244 MW Bango wind farm, the company’s first Cypress-equipped wind farm in Australia.
 
 
  • Two projects in Turkey totaling 214 MW. GE will produce the Cypress’ revolutionary two-piece blades at its manufacturing site in Bergama, Izmir, Turkey. Both projects include 10-year full service agreements.
 

EXPAND SERVICES

  • Onshore core services were up 11% versus prior year, with growth in North America and Europe.

GROW GLOBALLY

  • International orders at $2,819M are up 94% versus prior year, with strong growth in Australia, the Middle East, and Europe.
 
  • Signed an agreement with Copenhagen Infrastructure Partners (CIP) to provide technology and services capabilities to power the 113 MW Monegros onshore wind portfolio in the Aragon region of Spain.
 
  • Celebrated key milestone in commissioning of the largest-ever Kaplan turbine manufactured by GE’s Hydro business in Tianjin, a project with components weighing over 800 tons that will support Unit #1 at the Jinsha hydropower station in China.
 

LEVERAGE GRID SOLUTIONS

  • Expanded its range of Green Gas for Grid, or g3, substation equipment to include all key high-voltage levels by 2025, strengthening GE’s position as the leader in a technology with the potential to reduce the global warming impact of existing switchgear by up to 99%.
 
 
  • Received a $10M order to make transmission upgrades to India’s West Bengal grid that serves over 91 million inhabitants. The new order is one part of $35M in upgrades the company is making across India using GE’s advanced Gas Insulated Switchgear (GIS) technology.

 

PROMOTE SUSTAINABILITY

  • Publicly announced plan to make 100% of GE Renewable Energy operations carbon neutral by the end of 2020 by reducing emissions through operational efficiencies, securing renewable electricity supply to all sites, and balancing remaining emissions with the purchase of carbon offsets to achieve a net-zero footprint.

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