GE Vernova to shrink offshore wind business, slash 900 jobs

By Heather Richards | 09/20/2024 01:32 PM EDT

The company has faced scrutiny after one of its offshore wind blades fractured this year at a Massachusetts array.

Wind turbine blades are stacked on racks in Massachusetts.

Wind turbine blades are stacked on racks in New Bedford, Massachusetts. Charles Krupa/AP

GE Vernova announced a plan Thursday to shrink its offshore wind division, cutting hundreds of jobs in yet another sign of turmoil in the ocean wind sector.

In a statement, the company blamed the move on global inflation that’s thrashed the offshore wind industry but said its restructuring would create a “smaller, leaner and more profitable business.”

Championed by the Biden administration to help decarbonize the U.S. electricity grid, the wind sector has faced delays and canceled projects tied to rising construction costs and shortfalls in the supply chain of domestic ships and manufacturers.

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The GE announcement emerged from its Thursday proposal to the European Works Council to restructure the company’s offshore wind business globally.

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