GE Vernova sinks after wind turbine incident off Nantucket

Shares of GE Vernova fell Wednesday after the federal government ordered the Vineyard Wind farm to shut down until further notice because of a turbine blade failure this weekend. The Bureau of Safety and Environmental Enforcement issued a statement regarding an incident involving blade damage on a Vineyard Wind offshore turbine: “Following the July 13, 2024, blade failure incident at Vineyard Wind, BSEE has issued a Suspension Order to Vineyard Wind to cease power production from all its wind turbine generators until it can be determined whether the blade failure affects any other VW turbines. The Suspension Order suspends power production on the lease area and suspends installation of new wind turbine generator construction: Those operations will remain shut down until the suspension is lifted. BSEE has also issued a Preservation Order to safeguard any evidence that may be relevant to determining the cause of the incident.” The town of Nantucket said today that the majority of the debris has been cleared. Shares of GE Vernova, which makes the Haliade-X turbines involved in the accident, dropped 9%, or $16.91, to $165.83 in trading Wednesday.