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Green power profit for GE

Revenue from renewables up 20% in first half 2017 year on year

Green power profit for GE  image

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.

Image: GE

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