GE sets ambition to exit new build coal power market
General Electric (GE) announces its ambitions to exit from the new build coal power market
In an announcement made by General Electric (GE), the company reports its ambitions to exit from the new build coal market.
GE has 100 years of “coal-fired power service expertise across more than 90 OEM brands,” and local teams in more than 70 countries around the world, including growing economies such as India, China, Latin America, Southeast Asia, and Africa.
With this in mind, the announcement made by GE — which is subject to applicable consultation requirements — is a major shift in the company’s portfolio.
In its ambitions to exit the market, GE’s Steam Power business will work with its existing coal customers to exit its obligations. This process could include the likes of: divestitures, site closings, job impacts and considerations for publicly held subsidiaries.
“With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory. As we pursue this exit from the new build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise,” commented Russell Stokes, GE Senior Vice President and President & CEO of GE Power Portfolio.
The announcement made by GE came on the same day that the company committed to supply 190 Haliade-X turbines to Dogger Bank Wind Farm. The new partnership will create 120 new jobs and provide Dogger Bank Wind Farm with five-year service and warranty agreement to provide operational support for the wind turbines.
In recent years, GE has been ramping up its investments in renewable energy, with plans to continue its focus and investments on its core renewable energy and power generation businesses.
GE’s ambition is to make electricity more affordable, reliable, accessible and sustainable for its customers.
It has been reported that GE Steam Power will continue to provide turbine islands for the nuclear market, as well as service existing nuclear and coal power plants.
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