Green power profit for GE
Revenue from renewables up 20% in first half 2017 year on year
GE’s renewable energy business posted a profit of $267m in the first half of 2017, up 27% on the $211m reported in 2016.
Revenue increased 20% to over $4.5bn in the first six months of the year, compared with $3.8bn in the same period of 2016.
Recent developments include a contract to supply Invenergy with turbines for a 300MW wind farm in Texas and a digital hydro plant in collaboration with Fortum in Sweden, the company said.
In the second quarter – April to June – renewable orders were up 2% at $2.1bn, GE added.
It also reported a shift in onshore wind business to the international market from the US.
Overall, revenue at GE was down 2% in the first half of the year at almost $52.5bn from $53.3bn last year.
Net earnings also fell to just over $1.35bn from $2.82bn last year.
The company said there was slow growth in a “volatile environment” with challenges continuing in the resource sector.