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Released October 05, 2020 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Industrial giant General Electric (GE) (NYSE:GE) (Fairfield, Connecticut) has announced that it will exit the coal-fired plant market to focus on renewable energy alternatives.
The decision from one of the world's largest makers of coal-fired plants is seen as a stark indicator that the sector is shrinking. While there is still demand for coal plants in Africa, India and parts of Asia, coal is being actively phased out in Europe and shrinking rapidly in markets like the U.S.. The decision is expected to have significant impacts on many current coal-fired projects globally but no details were made available. Industrial Info is tracking 58 coal-fired projects that GE is involved in globally, including eight grassroot projects spread across Vietnam, India, Kenya, Bangladesh and Myanmar worth in excess of $10 billion. The announcement to quit coal was made on the same day that the firm secured one of the world's largest-ever wind turbine deals.
"GE's Steam Power business will work with customers on existing obligations as it pursues this exit," the company stated, and that the decision may "include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries." GE Steam Power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants. GE's power portfolio will primarily consist of making and servicing wind turbines, steam turbines for natural gas and nuclear power plants and power-management equipment. GE said it has been building coal-fired plants for the past 100 years and has helped pioneer many "cleaner coal" technologies in the shift from supercritical to ultra-supercritical plants. GE's Steam Power has installed 30% of the world's steam turbine capacity and 30% of the world's coal and oil-fired boilers.
Russell Stokes, GE senior vice president and president and chief executive officer of GE Power Portfolio, said: "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."
In 2015, GE made its largest-ever purchase with the $14 billion takeover of French engineering giant Alstom and its power turbines portfolio and manufacturing facilities in Europe. However, the deal has never delivered on its promise. GE's power business has suffered financially for a number of years and undergone a series of unsuccessful overhauls. For additional information, see September 14, 2015, article - Europe Clears GE's $14 billion Takeover of Alstom.
Highlighting the company's increased focus on the renewable energy sector, GE confirmed that its GE Renewable Energy business unit was named as the preferred turbine supplier for the giant Dogger Bank windfarm located in the North Sea off the U.K. coast. It will supply 190 of its 13 megawatt (MW) Haliade-X turbines for the first two of three planned windfarms in the Dogger Bank location, each rated at 1,200 MW. It is the largest single order for offshore wind turbines. Industrial Info is tracking the three Dogger Bank projects which will have a combined capacity of up to 3.6 gigawatts (GW), making it the largest windfarm in the world. It will provide enough low-carbon energy to power more than 4.5 million homes annually, equivalent to around 5% of the U.K.'s estimated electricity generation. The first Dogger Bank windfarm will be commissioned in 2023.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The decision from one of the world's largest makers of coal-fired plants is seen as a stark indicator that the sector is shrinking. While there is still demand for coal plants in Africa, India and parts of Asia, coal is being actively phased out in Europe and shrinking rapidly in markets like the U.S.. The decision is expected to have significant impacts on many current coal-fired projects globally but no details were made available. Industrial Info is tracking 58 coal-fired projects that GE is involved in globally, including eight grassroot projects spread across Vietnam, India, Kenya, Bangladesh and Myanmar worth in excess of $10 billion. The announcement to quit coal was made on the same day that the firm secured one of the world's largest-ever wind turbine deals.
"GE's Steam Power business will work with customers on existing obligations as it pursues this exit," the company stated, and that the decision may "include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries." GE Steam Power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants. GE's power portfolio will primarily consist of making and servicing wind turbines, steam turbines for natural gas and nuclear power plants and power-management equipment. GE said it has been building coal-fired plants for the past 100 years and has helped pioneer many "cleaner coal" technologies in the shift from supercritical to ultra-supercritical plants. GE's Steam Power has installed 30% of the world's steam turbine capacity and 30% of the world's coal and oil-fired boilers.
Russell Stokes, GE senior vice president and president and chief executive officer of GE Power Portfolio, said: "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."
In 2015, GE made its largest-ever purchase with the $14 billion takeover of French engineering giant Alstom and its power turbines portfolio and manufacturing facilities in Europe. However, the deal has never delivered on its promise. GE's power business has suffered financially for a number of years and undergone a series of unsuccessful overhauls. For additional information, see September 14, 2015, article - Europe Clears GE's $14 billion Takeover of Alstom.
Highlighting the company's increased focus on the renewable energy sector, GE confirmed that its GE Renewable Energy business unit was named as the preferred turbine supplier for the giant Dogger Bank windfarm located in the North Sea off the U.K. coast. It will supply 190 of its 13 megawatt (MW) Haliade-X turbines for the first two of three planned windfarms in the Dogger Bank location, each rated at 1,200 MW. It is the largest single order for offshore wind turbines. Industrial Info is tracking the three Dogger Bank projects which will have a combined capacity of up to 3.6 gigawatts (GW), making it the largest windfarm in the world. It will provide enough low-carbon energy to power more than 4.5 million homes annually, equivalent to around 5% of the U.K.'s estimated electricity generation. The first Dogger Bank windfarm will be commissioned in 2023.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
