Scott Strazik, CEO of GE Vernova, has announced the company will pause efforts to secure new offshore wind turbine orders while waiting for improved market conditions.
As reported by the Financial Times, Strazik highlighted the ongoing challenges in the offshore wind sector, including supply chain issues and rising interest rates, which have made the market difficult. Additionally, the uncertainty surrounding Donald Trump’s re-election has added further complexity to the industry.
While GE Vernova continues to focus on existing offshore projects, including its involvement in the UK’s Dogger Bank Wind Farm, Strazik emphasised that this approach predates Trump’s election win and is not related to it. He described offshore wind projects as "exponentially more complicated" than onshore alternatives.
Looking ahead, Strazik hopes that the next two years will bring improved economic conditions, allowing for better incentives and opportunities. However, he noted that current market conditions do not present immediate opportunities for new business. GE Vernova’s offshore wind unit currently has a $3 billion backlog of orders, which will take around two years to complete, and has not added new orders for almost three years. For now, the company’s priority is serving its existing customers.
(Source: Financial Times)
