GE Vernova Turbine Blade Fails at UK's Dogger Bank Offshore Wind Farm
August 23, 2024
GE Vernova's shares fell nearly 7% on Friday following a turbine-blade failure at an offshore wind farm in the UK, the latest in a string of incidents involving the power service firm's equipment.
The incident was reported at the Dogger Bank A project, located more than 130 km off the northeast coast of England, according to a statement from the project authorities.
GE Vernova said no injuries were reported and that it was investigating the blade failure, without giving details.
The company faced a similar incident at the wind farm in May that was attributed to an installation failure.
That was followed by another incident in July at the Vineyard Wind offshore project near the Massachusetts coast when a turbine blade made by the company broke, scattering pieces of fiberglass into the water that washed up on nearby beaches.
"The question going forward will be whether this is a one-time installation issue or a manufacturing fault of the Haliade-X blades, similar to last month's failure at the Vineyard Wind project. The latter could have much more long-term implications," Raymond James analyst Graham Price said.
GE Vernova, which became an independent company in April following a three-way split of General Electric, has a 12-month forward price-to-earnings ratio of 29.19, compared with 34.29 for rival Siemens Energy, according to LSEG data.
(Reuters - Reporting by Sourasis Bose, additional reporting by Seher Dareen; Editing by Anil D'Silva)
