We had a nice little run in Onshore, clueless leaders who hired at a whim and didn't understand basic operations and business concepts around services contracts and profit vs revenue. They hired us in under the guise of saving the environment but now we are being left behind, to watch ONW become a shell of itself. All this while GE races to sell flawed Halliade products in the Offshore market, setting up for the same set of problems in 2-3 years when they start operating in earnest. With REN's huge presence in EU, they can't lay people off fast enough to make up for the $2Bln/year bloodbath.
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Of course GE will spin out Vernova. Management has shown they're great at spins...
Pay close attention to the financial set up of Verona. Is it set up to begin with more debt than income? No liquids or assets and if so how long can it run as Verona? New Buyers will be reviewing the books and operation of Verona. Lots of assets will have to be dumped into Verona to make it an attractive deal for a Buyer or lots of debt will have to be dumped from Verona to make it an attractive buy. Leave the defined PENSION PLAN ALONE FOLLOWING Verona! We r all watching GE and don’t throw us a band aide to convenience everyone it is okay until you are long gone and far away in the background. Don’t be another Eron to ur workers, our citizens still remember big guy.
The future of Renewables:
https://www.foxbusiness.com/energy/coal-mine-demolishes-neighboring-wind-farm-boost-countrys-energy-supply-drawing-climate-activists
I know of several 'Gas Turbine' engineers and managers who left to go to Renewables. some got out before the sh*tstorm hit, others weren't so lucky and got their notices Wind is nothing but a phallacy.....
GE doing nuclear? Hiring like crazy in Wilmington, NC? Been there, done that. Same thing occurred in 2006-2008 for the ESBWR only to be followed by laying off like crazy to less than 10% of the hired workforce. C'mon...you honestly believe GE Nuke can really build an operating nuclear power plant in today's environment? Look at Lungfish...I mean Lungmen (https://en.wikipedia.org/wiki/Lungmen_Nuclear_Power_Plant) in Taiwan with 2 GE ABWRs...Taiwan finally cancelled the project in 2018 after the project started in 1996...two decades and nothing to show for it except a bunch of IOUs. GE Nuke...FAIL. Just like ONW, GE Nuke also is led by the highly incapable ex-cRottenVile trained "leaders".
Funny, I just read a post on social media about a GE Power employee transferred to Renewables less than a year ago with promises of a good future and steady work only to find out his job was terminated two weeks ago. No offers to go back to Power. He will be given a severance package and a pat on the back. So sad.
Nuke has good future. Hiring like crazy at Wilmington, NC site.
Good point made about chapter 11. I can not see any other way, short of selling its services side to bail out new products.
Just don’t see the math working out.
I agree I don't see how GE can spin off Vernova with so much bloodshed in renewables. This is now the 3rd time REN declared they would be profitable within 2 years. Who will buy that skunk?? Go public and stock will plummet to pennies!!
Spot on. Renew will be why Larry cant spin Vernova. Unsellable, too. The only way is the Vestas way: chapter 11 and restart.