Times Union Media Group’s Post

GE Vernova GAAP EPS of -$0.35 misses by $0.61, revenue of $8.9B beats by $140M (GEV) GE Vernova's wind segment posted a Q3 loss of $306M due to delays in two major offshore projects. The gas-power unit saw profits rise to $463M from $320M last year, and the electrification business grew profits to $198M, up from $57M. Grid electrification profit margins increased to 10.2%, up 3.6% from a year earlier. Additionally, the company will reinforce turbine blades at a Massachusetts wind farm following an incident at Vineyard Wind 1. #GEVernovaEarnings #GEVernova #GEVernovaStock #GEV #GEVStock $GEV

GE Vernova began life as an independent company last year with a billion-dollar albatross around its neck. But despite struggles in the offshore wind industry—and the threat poised to wind energy by a hostile administration— the only remnant of the industrial conglomerate still based in Mass. has roughly tripled in value since spinning off, and it's poised to capitalize on the growth of power-hungry AI. https://lnkd.in/d9dUzWWc

Looking back at 2024, we want to take a moment to highlight some of our milestones from a busy but highly productive year. 1.           You may have already seen it, but we recently published a 3D-animation of our solution, and how it is installed successfully in a subsea environment. 2.           We have demonstrated through several tests that it is possible to install the PSS on top of scour protection. A process which involves drilling through armour rocks with our specialised screw piles. 3.           Further testing of the stabilisation system has proved to offer instant stabilisation and sustainable cable curvatures in any storm and ULS conditions. Summarized, we have concluded critical testing of the PSS, proving that the stabilisation system works, and that it can be installed in various conditions and subsea environments. Therefore: the PSS is ready for the market. In other news, we had an opportunity to present the PSS at the SUBCIF in London in November (2024). We were asked why CPSs exclusively can’t protect the cables. This coincided with the Carbon Trust, the Offshore Wind Accelerator (OWA) launched their Cable Protection Systems(CPS) best practice guideline. They recognise that “…CPS design and analysis requirements are both unclear and not adequately addressed within the existing codes and standards.” This is backed by OWA parties EnBW Energie Baden-Württemberg AG, RWE, Equinor, Ørsted, ScottishPower Renewables, Shell, SSE Renewables, Vattenfall Business Solutions UK, TotalEnergies, and the Carbon Trust. The best practice and message from OWA further emphasise the mission we’re working on at Portunus – finding a way to mitigate cable failures and bringing forward solutions that work towards making offshore wind a more cost-effective energy resource.

GE Vernova CEO Scott Strazik said Wednesday that he expects turbine installation at Vineyard Wind to be "materially complete" by the end of 2025.

GE Vernova CEO Scott Strazik said Wednesday that he expects turbine installation at Vineyard Wind to be "materially complete" by the end of 2025.

⏪ Rewind to April when Joanne Leng MBE and Caroline Lofthouse represented NOF & #EnergiCoast at International Partnering Forum in 📍 New Orleans, USA. 🌎 Since the team attended the event, there have been some exciting announcements relating to offshore wind developments in the USA.   📣 Announcements include: 🟢 The Interior Department proposes offshore wind sales in the Gulf of Maine. The combined technical potential of these sales could power more than six million homes with clean energy. Read more ➡️ https://lnkd.in/d6sAyRqM 🟢 US issues floating wind research lease to Maine, kickstarting development for 15GW sector. The US recently granted the New England state of Maine a research lease for the development of what may be the nation’s first floating wind array, kickstarting a gigascale industry in the Gulf of Maine. Read more ➡️ https://lnkd.in/dwmeV_3w 🟢 Secretary Haaland announces new five-year offshore wind leasing schedule. Schedule includes up to 12 offshore wind lease sales across the Atlantic, Gulf of Mexico, Pacific, and the waters offshore the U.S. territories. Read more ➡️ https://lnkd.in/ejMWtzkq Energi Coast looks forward to seeing what the future holds for offshore wind in America. 🇺🇸 #OffshoreWind #Cluster #Global #News

We’re pleased to announce that RWE has signed contracts with Lamprell as preferred supplier for transition pieces for our two East Coast offshore wind projects currently under development: Norfolk Vanguard West and Norfolk Vanguard East. Under this contract, Lamprell would manufacture and deliver 92 transition pieces for each of the wind farms, which will then be transported to RWE’s designated marshalling port. This contract highlights RWE’s commitment to advancing the development of these projects, which will have a combined installed capacity of 2.8 GW once fully constructed and operational. These projects, along with Norfolk Boreas, form the Norfolk Offshore Wind Zone, capable of generating enough clean electricity to power approximately 4 million typical UK homes. Together, these three projects are set to play an important part in supporting the UK’s ambition to quadruple offshore wind capacity by 2030. #OffshoreWind #RenewableEnergy #UKEnergy #Sustainability #CleanEnergy #NetZero #NorfolkOffshoreWindZone

On 2nd October, Scottish Development International are holding a webinar exploring the strategy in Scotland that could make a vital contribution to the global scale-up of offshore wind, supporting project delivery through collaboration and innovation. Attendees will learn about the Strategic Investment Model (SIM), which has been set up to facilitate collaborations between developers, ports and supply chain companies looking to invest in Scotland. You will also hear about some of the projects successfully progressing, and how the offshore wind market is developing. Key learning objectives: - Why Scotland is a prime location for scaling up offshore wind - The latest progress on the Strategic Investment Model for offshore wind - Analysis of the current offshore wind market in Scotland and the latest floating wind developments - How innovations are essential for overcoming the many industrial challenges Sign up here: https://lnkd.in/en3sugZT

In the first half of 2024, Germany added 377 MW of offshore wind capacity with 36 new turbines connected to the power grid and built 73 additional foundations. Industry figures reveal 29 offshore wind projects with an installed capacity of 8858MW and 1602 machines are currently in operation in Germany. The industry groups, including BWE (Bundesverband WindEnergie e.V.), BWO - Bundesverband Windenergie Offshore e.V. , VDMA Power Systems, WAB e.V., WindEnergy Network e.V., and Stiftung OFFSHORE-WINDENERGIE, noted that the first 2024 offshore wind tender demonstrated investor interest but also highlighted the need for tender design reforms. They argued that the current bid process, which resulted in a €3 billion sum, could raise costs and slow down investments. They advocate for tender designs that ensure project security and prompt implementation, reduce default risks, and support the growth of offshore wind capacities. Additionally, they emphasize the importance of infrastructure and logistics investments, including heavy-duty port spaces, hinterland connections, and specialized ships, to facilitate project execution and maintain innovation and leadership in the industry. https://lnkd.in/eYTuWZF2 #WindEnergy #Germany #OdinGlobal

What's next for the offshore wind projects recently announced down under? Non-clients can get a glimpse of our view at Aegir Insights here via linkedin (Remember to follow us, if not already!). Existing subscribing clients can (as always) access our data, analysis, and reports via the platform or reach out to Lead APAC Analyst Simon Engfred Schlichting or Head of Client Engagement & Advisory David V. for walk throughs and deeper analysis. #offshorewind #australia #decisionintelligence #APAC Parkwind RES OW Ocean Winds RWE Ørsted Copenhagen Infrastructure Partners Reventus Power Mainstream Renewable Power AGL DIRECT Infrastructure Corio Generation BlueFloat Energy Iberdrola Origin Energy