Reports related to this article:
Project(s): View 4 related projects in PECWeb
Plant(s): View 4 related plants in PECWeb
Released October 23, 2017 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas)--General Electric Company's (NYSE:GE) (GE) (Boston, Massachusetts) profits took a plunge in the third quarter of this year, diving 9% from $2.03 billion in third-quarter 2016 to $1.84 billion in third-quarter 2017. Among the company's largest loss sectors was that most heavily tracked by Industrial Info, the power sector. Industrial Info is tracking billions of dollars in projects involving GE equipment across the world.
In a conference call, Chief Executive Officer John Flannery said, "While the company has many areas of strength, it's also clear from our current results that we need to make some major changes with urgency and a depth of purpose. Our results are unacceptable to say the least."
GE's power business saw a decline of 51% from $1.3 billion in third-quarter 2016 to $611 million in the just-passed quarter.
"To date, we have identified $20 billion of assets that we will exit in the next one to two years," said Flannery. "We're also reviewing potential other optional assets within our portfolio. Each GE business is being measured against the set of rigorous, strategic and financial objectives, and the belief that we can add value to businesses over time will serve as a central tenet in shaping GE's future portfolio."
Among the major projects that GE is supplying are a number of gas-fired and wind power plants. These include the Santa Wind Energy Center near Big Lake, Texas. The project is owned by Invenergy LLC (Chicago, Illinois) and will use 120 GE 2.5-megawatt (MW) wind turbine-generators to produce 300 MW. Construction began in the second quarter of this year and is expected to be completed in early 2018. Blattner Energy Incorporated (Avon, Minnesota) is performing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value of $690 million. For more information, see Industrial Info's project report.
Also under construction is the Willow Springs Windfarm near Weinert, Texas. The 250-MW windfarm will use 100 GE 2.5 wind turbine-generators. Construction began in July this year and is expected to take about a year to complete. Blattner Energy also is providing EPC work on the project. For more information, see Industrial Info's project report.
GE's power projects also extend outside the U.S. In Mexico, Cubico Sustainable Investments Mexico (Mexico) is underway with a 246-MW windfarm using GE 3.2-MW turbine-generators. The project kicked off in the second quarter of this year and is expected to be complete by the end of 2018. Grupo Aldesa Mexico (Mexico City) is providing EPC work on the project, which has an estimated total investment value of $386 million. For more information, see Industrial Info's project report.
Project coverage also covers maintenance on General Electric equipment. In Oklahoma, Oklahoma Gas & Electric Company (Oklahoma City, Oklahoma), a part of OGE Energy Corporation (NYSE:OGE) (Oklahoma City), is planning to kick off a hot gas path inspection and repairs to four GE natural gas-fired combustion turbines at its Redbud Power Plant in Luther, Oklahoma. The project is expected to start in the first quarter of next year and last into the second quarter. For more information, see Industrial Info's project report.
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. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In a conference call, Chief Executive Officer John Flannery said, "While the company has many areas of strength, it's also clear from our current results that we need to make some major changes with urgency and a depth of purpose. Our results are unacceptable to say the least."
GE's power business saw a decline of 51% from $1.3 billion in third-quarter 2016 to $611 million in the just-passed quarter.
"To date, we have identified $20 billion of assets that we will exit in the next one to two years," said Flannery. "We're also reviewing potential other optional assets within our portfolio. Each GE business is being measured against the set of rigorous, strategic and financial objectives, and the belief that we can add value to businesses over time will serve as a central tenet in shaping GE's future portfolio."
Among the major projects that GE is supplying are a number of gas-fired and wind power plants. These include the Santa Wind Energy Center near Big Lake, Texas. The project is owned by Invenergy LLC (Chicago, Illinois) and will use 120 GE 2.5-megawatt (MW) wind turbine-generators to produce 300 MW. Construction began in the second quarter of this year and is expected to be completed in early 2018. Blattner Energy Incorporated (Avon, Minnesota) is performing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value of $690 million. For more information, see Industrial Info's project report.
Also under construction is the Willow Springs Windfarm near Weinert, Texas. The 250-MW windfarm will use 100 GE 2.5 wind turbine-generators. Construction began in July this year and is expected to take about a year to complete. Blattner Energy also is providing EPC work on the project. For more information, see Industrial Info's project report.
GE's power projects also extend outside the U.S. In Mexico, Cubico Sustainable Investments Mexico (Mexico) is underway with a 246-MW windfarm using GE 3.2-MW turbine-generators. The project kicked off in the second quarter of this year and is expected to be complete by the end of 2018. Grupo Aldesa Mexico (Mexico City) is providing EPC work on the project, which has an estimated total investment value of $386 million. For more information, see Industrial Info's project report.
Project coverage also covers maintenance on General Electric equipment. In Oklahoma, Oklahoma Gas & Electric Company (Oklahoma City, Oklahoma), a part of OGE Energy Corporation (NYSE:OGE) (Oklahoma City), is planning to kick off a hot gas path inspection and repairs to four GE natural gas-fired combustion turbines at its Redbud Power Plant in Luther, Oklahoma. The project is expected to start in the first quarter of next year and last into the second quarter. For more information, see Industrial Info's project report.
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. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
