https://www.cnbc.com/2022/10/06/ge-layoff-20percent-of-onshore-wind-workforce-hundreds-of-jobs.html

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Clean Energy

GE is laying off 20% of its U.S. workforce devoted to onshore wind
power, costing hundreds of jobs

Published Thu, Oct 6 202211:57 AM EDTUpdated 3 Hours Ago
thumbnail
Seema Mody@SeemaCNBC
WATCH LIVE
Key Points

  * GE is cutting hundreds of jobs in its onshore wind power group.
  * The move comes as GE faces a trifecta of challenges: Rising input
    costs, supply chain issues, and competition from the likes of
    Siemens.
  * GE is also in the process of splitting into three publicly traded
    companies, focused on health care, aerospace and energy.

In this article

  * GE

Follow your favorite stocksCREATE FREE ACCOUNT
The Invenergy Judith Gap wind farm in central Montana, uses 90 wind
turbines from GE.
William Campbell | Corbis Historical | Getty Images

General Electric is laying off 20% of its U.S. onshore wind
workforce, which equates to hundreds of jobs, according to a person
familiar with the matter who declined to be named.

A note was sent out to employees Wednesday.

"We are taking steps to streamline and size our onshore wind business
for market realities to position us for future success. These are
difficult decisions, which do not reflect on our employees'
dedication and hard work but are needed to ensure the business can
compete and improve profitability over time," a spokesperson for GE
Renewable Energy told CNBC.

GE is said to be examining its onshore wind footprint in Europe and
Asia as well.

GE's renewable energy business faces a trifecta of challenges: Rising
input costs, supply chain issues and competition from the likes of 
Siemens. While demand for clean energy options is rising as energy
shortages continue to wreak havoc, analysts say it's been difficult
to make wind energy a cost-effective option. The recently passed
Inflation Reduction Act does restore a tax credit for onshore wind,
but some experts worry it came too late.

According to analysis from Melius Research, GE's renewables segment
is going to generate between $15 billion and $16 billion in revenue
this year, and onshore wind will make up the vast majority, roughly
70%.

Jake Levinson, director at Melius Research, said there is pressure to
get the renewables business in a better place before it makes the
split. "Shareholder interest in a money-losing or marginally
profitable business would likely be very low, even in a "hot" space
like renewables."

Meanwhile, General Electric is in the process of splitting into three
publicly traded companies, focused on health care, aerospace and
energy.

 

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