Investors in the renewable energy sector know it's been a tough year for the industry. All three major players in the West, General Electric's (NYSE: GE) renewable energy business, Siemens Gamesa Renewable Energy, and Vestas Wind Systems, are set to lose money in 2022 and are far away from the high single-digit profit margins that Vestas and Siemens Gamesa generated in 2019. That said, all three are restructuring, and the latest plans from General Electric are good news for investors.

The company's plan to cut hundreds of jobs (representing around 20% of the total U.S. onshore-wind workforce) is the latest development in an ongoing restructuring story. It comes in a week when GE Renewable Energy CEO Jérôme Pécresse announced his departure after an eight-year tenure.

His departure possibly signals an even more vital role for GE Vernova's CEO Scott Strazik in leading a turnaround at GE Renewable Energy. As a reminder, GE plans to combine GE Power and GE Renewable Energy into one business, GE Vernova, and then spin it off in early 2024 as part of its break-up plan. 

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Source Fool.com