General Electric to ramp up wind power investments in Germany
US company General Electric (GE) will ramp up its investment in wind power in Germany in a bid to revive its ailing business, Axel Höpner and Kathrin Witsch write in the Handelsblatt. The veteran US manufacturer, which has recently got booted from the Dow Jones Industrial Average 30-stock index and is grappling with a waning gas turbine business, wants to increase the number of its employees in Germany and to also boost its investment in the renewable energy branch, the authors write. “We want to grow our wind power business in Germany and in Europe and increase our market share,” GE Germany head Wolfgang Dierker said. GE, which has an estimated annual revenue of 3.5 billion euros in Germany, has already announced an attack on rival Siemens’s home market in the past, the article says. Its share in new wind power installations now more than doubles that of Siemens and new products, such as the planned 12 GW offshore turbine ‘Haliade-X’, could help GE boost its share further in the next years, it adds.
Read the article in German here (behind paywall).
See the CLEW factsheets on Onshore wind power and Offshore wind power in Germany and Germany's Siemens: a case study in Energiewende upheaval for background.