GE Offshore Wind to Post $1 Billion Loss in 2023, Again in 2024
General Electric employee walks between wind turbine nacelles for a wind farm.
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General Electric Co. expects its offshore-wind operations to post annual losses of about $1 billion for this year and next as the industry struggles with rising costs.
“Offshore Wind remains difficult this year with losses of roughly $1 billion,” Chief Executive Officer Larry Culp said during a conference call with analysts Tuesday. “Next year, we expect offshore will have similar losses but substantially improved cash performance.”