designs, manufactures, delivers, and services technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities it serves.
The company builds, modernizes, and services power systems to help its customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and...
designs, manufactures, delivers, and services technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities it serves.
The company builds, modernizes, and services power systems to help its customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and services that the company delivers is diversified across technology types and is adaptable based on electric power market conditions and demand.
## Strategy
The key elements of the company’s strategy include delivering on global sustainability, by developing, providing, and servicing technologies that enable electrification and decarbonization; maintaining and enhancing strong relationships with many of the leading and largest utilities, developers, governments, and electricity users; servicing the existing installed base and delivering new technologies and processes; streamlining its product portfolio to focus on core workhorse products; and innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and decarbonize the world.
## Segments
The company operates through Power, Wind, and Electrification segments.
### Power segment
Power segment serves power generation, industrial, government, and other customers worldwide with products and services related to energy production. The company’s products and technologies harness resources, such as natural gas, oil, diesel, water, and nuclear to produce electric power and include gas and steam turbines, full balance of plant, upgrade, and service solutions.
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Gas Power
- offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and numerous industrial applications, ranging from small, mobile power to utility scale power plants. Gas Power also delivers maintenance and service solutions across total plant assets and over their operational lifecycle.
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Nuclear Power
- provides nuclear technology solutions for boiling water reactors including reactor design, reactor fuel and support services, and the design and development of small modular reactors through joint ventures with Hitachi, Ltd.
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Hydro Power
- provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small hydropower solutions.
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Steam Power
- offers a comprehensive range of steam turbine technologies and services primarily for nuclear power plants in North America and coal-fired power plants, helping the company’s customers deliver reliable energy, and supporting coal-fired plant customers transitioning to a lower-carbon future.
During the year ended December 31, 2024, GE Vernova's gas turbine installed base utilization was flat compared to the same period last year. As of December 31, 2024, the company had 32 HA-Turbines in RPO, 30 being installed and commissioned, and 115 HA-Turbines in its installed base with approximately 2.9 million operating hours.
### Wind
Wind segment includes the company’s wind generation technologies, inclusive of onshore and offshore wind turbines and blades. In its Wind segment, the company engineers, manufactures, and commercializes wind turbines, an important technology playing a role in the energy transition as it seeks to decarbonize the world's energy sector.
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Onshore Wind
- delivers wind turbines, technology, and services for the onshore wind power industry by focusing on work-horse products in select geographies, while continuing to innovate the technology to create wind turbines suitable for various markets and environmental conditions. The company’s workhorse products include its 2.8-127m, 3.6-154m, and 6.1-158m onshore units.
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Offshore Wind
- provides offshore wind power technologies and wind farm development for the offshore wind power sector. The company’s workhorse product in the offshore market is its Haliade-X 220m offshore unit.
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LM Wind Power
- designs, produces, and tests wind turbine blades.
As its focus on providing carbon-free electricity reliably and at scale, the company has simplified its segment management structure and portfolio of product offerings, focusing on fewer and more reliable workhorse products. The company’s workhorse products account for approximately 70% of its equipment RPO at December 31, 2024. Included in the company’s RPO are services agreements on approximately 23,000 of its onshore wind turbines, from an installed base of approximately 57,000 units.
### Electrification
Electrification segment includes grid solutions, power conversion, solar and storage solutions, which the company collectively refers to as Electrification Systems, and Electrification Software, that provide products and services required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption. Several of the key offerings in this segment, for example, include the company’s high-voltage direct current transmission (HVDC) products, power transformers, switchgear, and its grid automation related products and services.
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Grid Solutions
- enables power utilities and industries worldwide to effectively manage electricity from the point of generation to consumption, helping the reliability, efficiency, and resiliency of the grid. Offerings include a comprehensive portfolio of equipment, hardware, protection and control, automation, and digital services. Grid Solutions also addresses the challenges of the energy transition by safely and reliably connecting intermittent renewable energy generation to transmission networks.
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Power Conversion
- applies the science and systems of power conversion to provide motors, generators, automation, and control equipment, and drives for energy intensive industries such as marine, oil and gas, mining, rail, metals, and test systems.
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Solar & Storage Solutions
- provides integration of renewable energies that drive stability to the grid and integrates storage and renewable energy generation sources.
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Electrification Software
- supports the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption.
The company continues to experience robust demand for its systems, equipment, and services. Demand remains strong for large scale transmission-related equipment to interconnect renewables and move bulk power. The company’s Grid Solutions business is positioned to support grid expansion and modernization needs globally. The company participates in the onshore interconnection sector and the rapidly growing offshore interconnection sector with new products and technology. The company has developed and seeks to continue developing new technologies with the intention of solving for a denser, more resilient, stable, and efficient electric grid with lower future greenhouse gas emissions.
## Competition
Various companies compete with the company across single or multiple products and services. Key Power segment competitors include Siemens Energy, Mitsubishi Power, Westinghouse, Framatome, and Rolls-Royce. Key Wind segment competitors include Vestas, Siemens-Gamesa, and Nordex. Key Electrification segment competitors include Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, and ABB.
## Intellectual Property
The company has a license to use certain IP from GE Aerospace, including the GE name and the GE Monogram. The license applies to the company’s products and services, as well as to natural extensions and evolutions thereof.
## Regulation
The company designs and manufactures sophisticated, innovative products and services for the energy sector, which are subject to EHS and sustainability regulations. These regulations, such as the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) regulation of the European Union (EU), include those governing chemicals and components used or generated by products or manufacturing processes, such as per/polyfluoroalkyl substances (PFAS), contained in components and products sourced in connection with manufacturing and services operations. In addition, some of the company’s operations involve the handling, use, transportation, and disposal of radioactive and hazardous materials, including nuclear fuel, nuclear power devices and their components.
The company’s nuclear products and technologies are regulated through country-specific laws and regulations and are subject to various safety-related requirements imposed by the U.S. Government, the Department of Energy, and the Nuclear Regulatory Commission (NRC). In the U.S., the NRC oversees the licensing, permitting, and decommissioning of nuclear sites.
The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is a U.S. federal agency that oversees the safe and environmentally responsible exploration and development of U.S. offshore energy resources. The company’s Offshore Wind business is subject to BSEE regulatory oversight and enforcement in connection with the Vineyard Wind offshore wind farm off the coast of Massachusetts. For Vineyard Wind, the company is the manufacturer and supplier of its newly developed Haliade-X 220m wind turbines (Haliade-X). In July 2024, a wind turbine blade event occurred at the Vineyard Wind offshore wind farm as a result of a manufacturing deviation.
The Health and Safety Executive (HSE) is the authority that oversees health and safety issues in the offshore energy sector in England, Wales, and Scotland. The Marine Management Organisation (MMO) oversees environmental issues affecting the offshore energy sector in the United Kingdom. The company’s Offshore Wind business is subject to HSE and MMO regulatory oversight and enforcement in connection with the Dogger Bank offshore wind farm off the coast of England.
In connection with certain business activities, an entity of the company’s Financial Services business has registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (Advisers Act), and another entity has become a registered broker-dealer under the Securities Exchange Act, as amended (Exchange Act), and a Financial Industry Regulatory Authority (FINRA) member firm. These registered entities are subject to a number of laws and regulations from the SEC, FINRA, and state securities regulators, as applicable, which impose various compliance, disclosure, qualification, recordkeeping, reporting, and other requirements.
For contracts with the U.S. federal government, with certain exceptions, the company must comply with the Federal Acquisition Regulation and applicable agency rules, regulations governing Federal Financial Assistance Agreements, rules and regulations issued by the Office of Federal Contract Compliance Programs, the Procurement Integrity Act, the Buy American Act, the Trade Agreements Act, and/or presidential executive orders.
The company is subject to rapidly evolving laws and regulations governing cybersecurity and data privacy in many jurisdictions, including those imposed by federal and state regulators in the U.S., such as the Federal Trade Commission and state agencies, and the General Data Protection Regulation in Europe. As artificial intelligence (AI) is an emerging area, it expects to see increased legislation, such as the EU Artificial Intelligence Act, and additional regulatory obligations across the jurisdictions in which the company operates.
The U.S. Foreign Corrupt Practices Act (FCPA), the United Kingdom (U.K.) Bribery Act of 2010, the Brazil Clean Companies Act, China’s Unfair Competition Law, India’s Prevention of Corruption Act, and similar anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business.
## History
was incorporated in 2023.
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