GE's Energy Sector Brings $1.4 Billion of Profits Despite Overall Earnings Decline

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Researched by Industrial Info Resources (Sugar Land, Texas)--On October 10, General Electric Company (NYSE:GE) (Fairfield, Connecticut) reported its profits for the third quarter of the 2008 fiscal year, which ended September 30. Overall profits for the quarter, totaling $4.5 billion, were down 12% from the same period last year. While the company is highly diversified, encompassing the NBC media empire, a capital financing branch and technology infrastructure, the company's energy infrastructure segment brought in the highest revenue growth by far of any of the company's segments.

Keith Sherin, GE's Vice Chairman and Chief Financial Officer, in a conference call discussing GE's earnings, said, "Energy continues to see incredibly strong global markets," noting that the company's wind power sector, in particular, had grown significantly. Total revenues for the energy infrastructure segment were $9.8 billion, showing an amazing 32% growth from 3Q07. The segment's profits followed a similar trend, bringing in $1.4 billion dollars for the company, an increase of 31% from last year. Total energy orders were up 18%. GE's current wind power equipment commitments stand at $14 billion, which is 90% higher than 3Q07. The company has also become involved in T. Boone Pickens' $7 billion, 4,000-megawatt (MW) windfarm project in Texas. The project is part of Pickens' plan to obtain 20% of U.S. power from wind. Mesa Power has ordered 667 wind turbines, totaling about 1,000 MW, from GE for the first phase of the project. For more information, see news article from August 18, 2008 - LIUNA and LECET Leverage Windfarm Construction Labor Expertise to Win National Agreement for Wind Power Projects.

Industrial Info monitors several projects and plants that use GE power generation equipment. Such projects include the $1.5 billion repowering project for Entergy Corporation's (NYSE:ETR) (New Orleans, Louisiana) Little Gypsy Power Station in LaPlace, Louisiana. The 1,251-MW plant uses three GE steam turbine/generators and has been in operation since 1961. More modern projects monitored by Industrial Info include the Rail Splitter 100.5-MW windfarm, which began construction in September near Hartzberg, Illinois. The project will install 67 GE 1.5sle wind turbines, which will generate 1.5 MW of power each.

Industrial Info monitors power plants and projects of all types, ranging from nuclear facilities to coal- and oil-fired facilities to more modern plants powered by biomass, wind and hydro. Our Power Generation Database currently covers more than 6,000 operational power plants throughout the world, providing information such as maintenance outage schedules, project spending, equipment details and contact information.

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