In 2023, the power generation industry spent a total of $1.314 billion on warranty claims, a -3% decrease from 2022. As we mentioned above, in 2003, GE accounted for 96% of the U.S.-based power generation equipment industry's total warranty claims payments. In 2013, GE accounted for 84% of all claims in the industry.
Some of them offer warranties longer than they've existed as companies, and they report a lot of changes of estimate and large fluctuations in annual warranty expenses, often without much explanation. Back in 2003, General Electric accounted for 96% of the product warranty claims paid by any U.S.-based power generation equipment manufacturer.
However, since GE only reports its warranty costs once a year, in its annual report, we likely will have to wait until early 2025 to know exactly what proportion of GE's warranty expenses belonged to each industry. Since this report includes data up to the end of calendar 2023, there's no separately reported GE Vernova data.
And relatively new and experimental technology means a higher likelihood of product failures, recalls, and other issues that can drive up warranty costs. So the proportion of U.S. power generation equipment product warranty costs that belong to GE will continue to fall, even as GE itself transitions to renewable energy.
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Conducting end of warranty inspections following a maintenance cy-cle so the inspections can focus more on warranty items rather than items that will be picked up during maintenance.
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To compose this newsletter, we first perused the annual and quarterly financial reports of all U.S.-based power generation equipment manufacturers that have reported warranty costs from
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To create this 20-year report, we began with a list of 52 U.S.-based manufacturers that primarily produce equipment used for power generation, which report their warranty expenses in their
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