Orders were also down as a result of the uncertainty surrounding the US manufacturing tax credit, which caused wind turbine acquisitions to be postponed.
GE Renewable Energy lost $312 million in the fourth quarter of 2021, compared to $87 million in the same period of 2020.
In the fourth quarter of last year, the wind turbine maker had a loss margin of 7.4 percent, compared to a loss margin of 2 percent in the same quarter of 2020.
Orders were also reduced, with GE Renewable Energy reporting $4.8 billion in the fourth quarter of 2021 vs $6.3 billion in the fourth quarter of 2020, owing to production tax credit uncertainties delaying investments in US onshore wind equipment.
Revenues of $4.2 billion fell 6% in the fourth quarter of 2021, mostly to a drop in onshore wind equipment deliveries.
According to GE, offshore wind has also dropped due to project scheduling, but this has been largely offset by robust services growth.
In the quarter, the segment completed financial close on Dogger Bank C, which marked an order for 87 14MW Haliade-X turbines for a UK offshore wind project.
Onshore wind highlights include Windkoepel Groen’s decision to repower a portion of the Windplan Groen project in the Netherlands’ Flevoland province, as well as supplying turbines to Pattern Energy’s 1050MW Western Spirit wind farm in New Mexico, which became the country’s largest single phase renewable energy project earlier this month.
[Image: GE]
