GE Vernova CEO hoping economic environment will improve, FT reports

GE Vernova (GEV) CEO Scott Strazik says he wants to wait market conditions to improve before searching for new offshore turbine orders, The Financial Times’ Rachel Millard reports. The re-election of Donald Trump has added uncertainty to the sector after his pledge to stop the offshore wind industry in the U.S. on “day one” of his presidency, and he has also said he will halt tax credits for green energy under the Inflation Reduction Act, but GE Vernova’s approach to focus on existing offshore turbine projects, which includes supplying the U.K.’s Dogger Bank Wind Farm in the North Sea, predates the election and is not connected to Trump’s victory, the report notes. Strazik hopes over the next two years “the market will create economic incentives and opportunities for us to do business that (are) drastically different economic terms than the economics we’re executing on today.”