GE Vernova announced a plan Thursday to shrink its offshore wind division, cutting hundreds of jobs in yet another sign of turmoil in the ocean wind sector.
In a statement, the company blamed the move on global inflation that’s thrashed the offshore wind industry but said its restructuring would create a “smaller, leaner and more profitable business.”
Championed by the Biden administration to help decarbonize the U.S. electricity grid, the wind sector has faced delays and canceled projects tied to rising construction costs and shortfalls in the supply chain of domestic ships and manufacturers.
The GE announcement emerged from its Thursday proposal to the European Works Council to restructure the company’s offshore wind business globally.
