PROGRESS ON STRATEGIC GOALS

“We continue the pace of our R&D investments and are seeing significant progress in technology as a result. We achieved notable milestones in both our Haliade-X and Cypress platforms in the quarter. Pricing continues to stabilize as the industry ramps up for PTC-driven deliveries this year and next.

Our backlog is up 2.6B (16%) versus prior year. Negative year-over-year revenue and operating profit results are as expected. We have a very strong delivery schedule for the next three quarters and we remain on track to deliver on guidance for the year.

Also in the quarter, we announced the expansion of our renewable energy portfolio to include Grid Solutions, and Solar/Storage Hybrids. With one of the broadest portfolios in the renewable energy industry, we are uniquely positioned to help our customers address the global energy transition.”


– Jérôme Pécresse, President & CEO of GE Renewable Energy

GE Renewable Energy 4th Quarter 2018 Highlights

 


Key Contracts and Milestones

LEAD WITH TECHNOLOGY

  • GE became the top manufacturer of wind turbines in the U.S. in 2018, supplying over 3 GW of capacity, 40% of the total onshore wind installed nationwide.
 
  • Received first order for Cypress Platform, a deal to provide three 4.8 MW turbines with a rotor diameter of 158 m and hub heights of up to 150 and 161 meters for Elfershausen project in Germany.
 
  • Held ground breaking ceremony at the site in Rotterdam where the Haliade X prototype will be tested, a key step in the evolution of GE's 12 MW offshore wind turbine, enabling GE to compete in an offshore wind segment set to move from 17 to 90 GW by 2030.

 

GE's Cypress onshore wind platform
GE's Cypress onshore wind platform

DEVELOP HYBRID RENEWABLES

 
  • Reached agreement with Stanton Energy Reliability Center to integrate Battery Energy Storage systems with two LM6000 Gas Turbines as part of a 98 MW integrated hybrid resource.
 
  • Reached agreement with Helios Energy to deliver two energy storage systems to be integrated with solar arrays for hybrid Lenox Solar/Energy Storage project in Lenox, NY.

 

GE's Haliade-X offshore wind turbine
GE's Haliade-X offshore wind turbine

WIN IN HYDRO

  • Awarded contract to refurbish six Kaplan units at the state-owned Qairokkum hydropower station in Tajikistan, increasing output by 29% to 174 MW, enough to provide electricity for ~500,000 people.
 
  • Booked a supplemental order with Ethiopia Electric Power to supply additional turbine and generator components and the full installation scope for our five previously announced units for the Grand Renaissance project.

 

GE's Battery Energy Storage systems
GE's Battery Energy Storage systems

GROW GLOBALLY

  • Awarded contract to provide ninety-one 3 MW turbines and a 20-year Full Service Agreement for 342 MW Phoenix project in Aragon, Spain.
 
  • Over $9B in order backlog outside North America, reflecting strong global demand for renewable energy.

 

Wind turbine blade
Wind turbine blade

EXPAND SERVICES

  • Services backlog increased 20% compared to prior year as a result of continued solid Repowering business in the U.S., while we work to expand the model globally. We also continue to increase the number of installed base units with long term service contracts.
 
  • Opened advanced Remote Operations Center (RoC) in Barcelona to fine tune the operation of more than 2K turbines in southern Europe … part of a global network that monitors 15K Onshore and Offshore wind, Solar and Energy Storage assets around the world 24/7.

 

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