GE consolidates all renewable energy business under one banner

Pat Wise
February 3, 2019

The company has recently faced headwinds, but says as global demand for renewable power generation and grid edge technologies increases, those changes will help it improve speed and competitiveness.

The announcement, a day before GE was due to report fourth-quarter results, will eliminate a layer of management mostly based in Chicago, with minimal reduction in staff.

Sources with knowledge of the matter revealed that the combined unit is expected to have around 40,000 employees and an annual revenue of approximately $16 billion for renewable energy, as compared to last year's revenue of $10.2 billion.

GE's renewables business now comprises on- and offshore wind turbines, plus hydropower.

Moving GE's grid solutions and hybrid renewables (including solar and storage systems) technologies into the GE Renewable Energy Business, complementing its existing onshore wind, offshore wind, LM Wind Power, and hydro offerings. Regional leaders for renewables will now deal directly with the company's renewables headquarters in Paris.

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Only five to six per cent of power to the national electricity grid now comes from renewable energy, according to the Alternate Energy Development Board (AEDB). The expanded renewable energy business is part of the company's energy-related portfolio, which also includes a newly-created Gas Power business and GE's Power portfolio, which provides steam, nuclear and power conversion offerings. Some analysts interpreted the moves as GE preparing its non-gas businesses for sale.

For the record, GE, in October previous year, revealed that it is planning to separate natural gas power from nuclear, coal and grid, and announced new leaders for the units.

The proposed moves are created to enable GE Renewable Energy to drive more local and integrated solutions, simplify its structure, and improve performance, the company says. Power contributed about 28 percent.

"This strategic realignment positions GE to lead in the fast-growing renewable energy market", GE Chairman and CEO Lawrence Culp, Jr. said in a statement.

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