GE Vernova turbine blades fail at UK offshore wind farm

GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm.

According to a project statement, the incident occurred at the Dogger Bank A Project, which is located over 130 km off of the northeast coast England.

GE Vernova stated that no injuries had been reported and it was currently investigating the blade failure without providing any details.

In May, the company experienced a similar incident that was blamed on faulty installation.

A similar incident occurred in July, near the Massachusetts coastline at the Vineyard Wind project offshore. A turbine blade manufactured by the company was damaged and shattered into pieces of glass that were washed onto nearby beaches.

The question will be, "Is this a temporary installation problem or a manufacturing defect of the Haliade X blades?" This is similar to the Vineyard Wind project's failure last month. Raymond James analyst Graham Price stated that the latter could have more long-term consequences.

LSEG data shows that GE Vernova became independent in April after a three-way separation of General Electric. Its 12-month price-to earnings ratio is 29.19 compared to 34.29 for Siemens Energy. (Reporting and editing by Anil D’Silva; Additional reporting by Seher dareen in Bengaluru, Sourasis BOSE).

(source: Reuters)