The leader of General Electric’s (GE’s) global energy business said the company expects its power and renewable energy units should be profitable in 2023, and experience even more success in 2024, after it weathers market headwinds that present challenges this year.

Scott Strazik, speaking at the company’s March 10 investor day, said GE is poised to turn around “unacceptable” financial results in its renewable energy division, though he said he expects onshore wind will not be profitable this year due to a slowdown in the North American market. The company’s power and renewable energy units could record what Strazik characterized as a low-single-digit profit margin in 2023, and then a mid-single-digit margin the following year.

GE last year announced it would divide into three separate, publicly traded companies, with the core GE business focusing on aviation. GE Healthcare is expected to be spun off early next year, with GE Power, GE Renewable Energy, and GE Digital becoming a single business that will be spun off in 2024.…

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