Power orders up at GE

GE Power saw orders of US$4.8 billion in the quarter, an increase of 67% reported and 63% organically, driven by Gas Power equipment with 12 heavy-duty gas turbine and 35 aeroderivative unit orders. Revenues of US$4.3 billion were up 3% reported and flat organically.

Gas Power Services revenues increased significantly due to higher outages and were up versus the same quarter of 2019. 

“Looking at the market, global gas generation grew low single digits while GE gas turbine utilization continued to be resilient, with megawatt hours growing high single digits. Encouragingly, outage starts were up 50% year-over-year and up mid-single digits versus 2Q ‘19,” said Carolina Dybeck Happe, a senior vice president and CFO.

“For the year, we expect the gas market to remain stable with gas generation growing low single digits,” she said. “The dispatch of our fleet is well-positioned with upgraded missions and a growing HA backlog.” 

“This quarter, we booked 12 heavy-duty gas turbines and 35 aeroderivative orders, primarily LM, that will complement variable renewable power by providing distributed fast-response power to help deliver grid stability. Orders were also up in Gas Power services, Steam, Power Conversion and Nuclear.”