| [February 27, 2006] |
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GE Energy Completes Record Year in Wind Energy Sales; GE's Global Wind Revenue Up 200% Over 2004
ATHENS, Greece --(Business Wire)-- Feb. 27, 2006 -- GE Energy (NYSE: GE) delivered 1,346 wind turbines worldwide during 2005, completing the year with revenue exceeding $2 billion - more than a 200% increase over 2004's total - the company reported today at the 2006 European Wind Energy Conference & Exhibition.
GE's 2005 wind revenue also was more than 400% higher than in 2002, GE's first year of wind operations, underscoring wind energy's continued growth in global popularity.
"We are seeing an incredible growth in demand for wind turbines as more countries seek to expand their renewable energy production to help reduce their greenhouse gas emissions and improve their energy security," said Robert Gleitz, who was appointed general manager for GE's wind business in the spring of 2005.
Wind energy is a key component of GE's corporate-wide ecomagination initiative to aggressively bring to market new technologies that will help customers meet pressing environmental needs.
"For example, in 2006 GE is expanding its line of wind turbines by launching its new multi-megawatt turbine platform in Europe, followed by a similar U.S. and Asia commercial roll-out in 2008," Gleitz said.
GE's multi-megawatt units build on the experience learned from the company's global fleet of over 4,000 megawatt-plus wind turbines. Evolving from GE's proven 1.5-megawatt and earlier "2.x"-megawatt series, GE's newest machines introduce a number of industry innovations, including a permanent magnet generator, a modular converter with full power conversion and advanced control technologies.
In the United States, GE delivered 1,005 wind turbines as the industry enjoyed its most productive year. According to the American Wind Energy Association, the U.S. industry broke its annual installed capacity record by adding 2,431 megawatts of turbines. GE's turbines accounted for about 62 percent of the U.S. total.
"The extension of the federal wind-energy production tax credit in 2005 helped trigger the record-breaking year and provided momentum that will carry over through 2007," said Gleitz, noting the company is already accepting orders for 2008.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2005 revenue of $16.5 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. Numerous GE Energy products are certified under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
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