GE Exiting New-Build Coal Power Market
By Jack Burke22 September 2020
GE said that it intends to exit the new-build coal power market.
“With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory,” said Russell Stokes, GE senior vice president and president & CEO of GE Power Portfolio. “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.”
GE’s Steam Power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries, the company said in a news release.
GE said it will continue to focus on and invest in its core renewable energy and power generation businesses, working to make electricity more affordable, reliable, accessible, and sustainable. GE Steam Power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants.
The company boasts that it is “today’s #1 steam and coal power franchise” and that GE’s Steam Power has installed 30% of the world’s steam turbine capacity, 50% of the world’s steam turbines for nuclear power plants, 30% of the world’s boilers, and has provided 1500 steam turbine module retrofits.
The decision comes five years after GE’s US$11 billion acquisition of the thermal, renewables and grid power business of French industrial giant Alstom. GE’s steam power business was built largely through that deal, which GE hoped would enhance its ability to supply “combined cycle” power plants using gas and steam turbines.