General Electric Energy (NYSE: GE), the leading supplier of wind turbines in North America, said it expects its 2007 wind business revenue to exceed $4 billion, an eight-fold increase since 2002.
The American Wind Energy Association (AWEA) reported that more than five gigawatts of new wind power capacity were installed in the U.S. in 2007, the third consecutive year of record-setting growth, and GE Energy says it supplied wind turbines that represented nearly half of that total.
GE provided over 2.3 gigawatts of new wind capacity in 2007, an increase of more than 100% over the prior year, nearly matching the total installed by the entire U.S. wind industry in 2006, according to a company release.
Since 2004, GE’s wind turbine production has increased by 500%.
"Representing about 30% of new power-producing capacity added in 2007 by the United States, wind power is firmly established as one of the largest sources of new power generation in the nation, and is becoming a mainstream option for meeting the growing electricity demand," said Victor Abate, Vice President-Renewables for GE Energy. "It is clear that abundant, domestic, reliable, carbon-free wind power will continue to play a key role in the energy future of this country."
According to AWEA, American wind farms operating in 34 states will generate an estimated 48 billion kilowatt-hours of wind energy in 2008, just over 1% of U.S. electricity supply.
To support the continued growth of the U.S. wind industry, both AWEA and GE’s Abate called for Congress to extend the federal production tax credit (PTC.) "A long-term PTC would sustain the wind industry’s momentum, creating more wind jobs and economic opportunities and helping the country move forward in its efforts to increase its supply of renewable energy and reduce foreign energy dependence," noted Abate.
To help GE meet the surging demand for wind turbines, in November of 2007 two component suppliers, Molded Fiber Glass Companies (MFG) and TPI Composites, announced plans to build new wind turbine blade manufacturing plants in Aberdeen, South Dakota and Newton, Iowa respectively.
GE says more than 7,700 of its 1.5-megawatt units have been installed worldwide, and the company expects to have more than 10,000 of these machines operating by the end of 2008.
About GE Energy
GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies, with 2006 revenue of $19 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
With wind turbine design, manufacturing and assembly facilities in Germany, Spain, China, Canada and the United States, GE Energy is among the leading providers of wind energy products and support services ranging from commercial wind turbines and grid integration products to project development assistance and operation and maintenance. The company’s knowledge base includes the development and/or installation of more than 8,400 wind turbines with a total rated output of more than 11,300 megawatts.
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