GE’s renewable business had planned to produce the 18-megawatt turbines but last year decided to limit turbines to a maximum of 16.5 megawatts, according to Bloomberg News. Bigger and more powerful turbines have recently been toppling over, requiring expensive repairs. This is one reason GE’s renewable business lost $1.44 billion last year, which was an improvement on its $2.24 billion loss in 2022.

The offshore wind industry received a strong tailwind from the Inflation Reduction Act, which included tax credits that cover 30% or more of a project’s cost. The law also subsidized the domestic manufacturing of components, which New York’s wind developers and their suppliers planned to exploit by making parts at new plants in the state.

(more…)