Industrial giant, General Electric (GE) one of the world’s biggest makers of coal-fired power plants has announce its intentions to exit the coal power market to focus more on greener alternatives.
GE said it would close or sell sites as it prioritized its renewable energy and power generation businesses.
The US industrial giant has stated that it’s Steam Power business will work with customers on existing obligations as it pursues the coal-fired power plants market exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries.
“GE 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 statement read.
In a statement, the firm suggested the decision had been motivated by economics.
READ: Vaal Dam levels spiral downwards to a grim state
Russell Stokes, GE Senior Vice President and President & CEO 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.”
GE in Sub-Saharan Africa
General Electric has pioneered technologies that have spurred world-transforming changes and improved the lives of billions. At the forefront of innovation and technology in energy while collaborating with power producers across the region, GE Power announced in 2018 that it had accomplished over 100 power plant and over 300 turbines installation in up to 22 countries in Sub-Saharan Africa including Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Africa and Tanzania.
A key partner in supporting Sub-Saharan Africa’s socio-economic growth, GE operates in the Oil & Gas, Power, Transportation, Healthcare, Renewables and Aviation sectors.
