For the three months ended September 30, 2024, Electrification revenues increased $0.4 billion (22%) to $1.928 billion. This growth was primarily led by growth at Grid Solutions, indicating strong demand for electrification infrastructure.

Power segment revenues increased $0.3 billion (8%) to $4.206 billion. This growth was primarily due to growth in Gas Power from volume, indicating a continued demand for gas power solutions despite the energy transition.

Wind segment revenues were flat at $2.891 billion. Offshore Wind revenue decreased as a result of slower execution, partially offset by revenue recorded on the settlement of a previously canceled project, and Onshore Wind as more repower units were delivered in the period.

The company recorded incremental contract losses of approximately $0.7 billion during the third quarter related to Offshore Wind. This includes the impact of changes in execution timelines, costs to remediate quality issues, and estimates of project-related commercial liabilities, indicating execution challenges.

On September 12, 2024, the company entered into a settlement agreement regarding a project that was previously canceled by a customer, resulting in a gain of approximately $0.3 billion in the quarter, which was recorded as $0.5 billion in revenues and $0.2 billion in cost of sales.

The company is continuing its restructuring program to reduce operating costs and is seeing the benefits both operationally and financially. This indicates management's commitment to improving efficiency and profitability.

A wind turbine blade event occurred at the Vineyard Wind offshore wind farm, leading to a suspension order from the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Additional changes or other developments could have an adverse effect on cash collection timelines and contract margins and could result in further losses, which could be material.

As the company works in emerging markets, there could be uncertainty in the timing of deal closures due to financing and other complexities. This highlights the risk associated with operating in less stable economic and political environments.

Power has proactively managed the impact of inflationary pressure by deploying lean initiatives to drive cost productivity measures, collaborating with our suppliers and adjusting the pricing of our products and services. Given the long-cycle nature of the business, we expect the impact of inflation will continue to be challenging and we will continue to take actions to manage it.

The company believes gas power plays a critical role in the energy transition, offering a fundamental foundation of reliable and dispatchable power. Although market factors related to the energy transition continue to evolve, they expect the gas power market to grow over the next decade.

The volume mix has shifted towards the U.S., currently representing approximately 75% of Onshore Wind's equipment RPO, while international volume has become smaller and more profitable. Specifically in the U.S., the IRA introduced new, and extended existing, tax incentives through at least 2033, significantly improving project economics.

The Electrification segment continues to experience robust demand for systems, equipment, and services across all businesses. Demand remains strong for large scale transmission-related equipment to interconnect renewables and move bulk power.

Power has proactively managed the impact of inflationary pressure by deploying lean initiatives to drive cost productivity measures, collaborating with our suppliers and adjusting the pricing of our products and services.

Restructuring charges include workforce reductions and plant closures, indicating efforts to streamline operations and reduce costs. However, these actions can also have short-term negative impacts on employee morale and productivity.

At Onshore Wind, the company is focused on improving overall fleet availability by reducing product variants and deploying repairs and other corrective measures across the fleet. This indicates an effort to improve the performance and reliability of existing assets.

In Gas Power, the company continues to invest for the long-term, including decarbonization technologies that will provide customers with lower carbon-emitting and more reliable power. This indicates a commitment to adapting to the energy transition.

In Nuclear Power, the company has an agreement with a customer for the deployment of small modular nuclear reactor technology, the first commercial contract in North America. This represents a significant step in advancing nuclear energy technology.

The Grid Solutions business is positioned to support grid expansion and modernization needs globally. We have developed and seek to continue developing new technologies, such as grid-forming static synchronous compensators and SF6-free switchgears.

During the third quarter of 2024, the company received proceeds of $0.7 billion from the sale of a portion of our equity interest in GE Vernova T&D India Ltd, indicating a strategic decision to monetize certain investments.

Cash used for additions to PP&E and internal-use software was $0.5 billion for both the nine months ended September 30, 2024 and 2023, indicating a consistent level of investment in infrastructure.

As of September 30, 2024, the company's cash, cash equivalents, and restricted cash was $7.4 billion, approximately $1.4 billion of which was held in countries where access to cash may be delayed. This increase is primarily due to cash received from GE through the Spin-Off and proceeds from asset sales.

In our Wind segment, we create value by engineering, manufacturing, and commercializing wind turbines, an important technology playing a role in the energy transition as we seek to decarbonize the world's energy sector.

In Gas Power, we continue to invest for the long-term, including decarbonization technologies that will provide customers with lower carbon-emitting and more reliable power.

We have developed and seek to continue developing new technologies, such as grid-forming static synchronous compensators and SF6-free switchgears, with the intention of solving for a denser, more resilient, stable, and efficient electric grid with lower future greenhouse gas emissions.

Although market factors related to the energy transition continue to evolve, the company expects the gas power market to grow over the next decade, indicating a belief in the continued importance of gas power in the energy mix.

The Inflation Reduction Act (IRA) introduced new, and extended existing, tax incentives through at least 2033, significantly improving project economics for our customers and turbine producers.

During the three months ended September 30, 2024, GE Vernova's gas turbine utilization was flat compared to the same period last year. Global electricity demand increased by low-single digits.