General Electric Will Stop Building Coal-Fired Power Plants, Decision May Lead to Facility Closures and Job Cuts

Written by Flavia Marinho

Published on 22/09/2020 at 14:50

GE deseja se concentrar em turbinas a gás para centrais térmicas ou turbinas a vapor para centrais nucleares, bem como em energias renováveis, uma vez que, Termelétrica a carvão é uma forma de energia cada vez menos competitiva

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GE Wants to Focus on Gas Turbines for Thermal Plants or Steam Turbines for Nuclear Plants, as Well as Renewable Energy, Since Coal Power Plants Are Becoming an Increasingly Less Competitive form of Energy

The desire to focus more on renewable energy generation sources may lead to divestments, plant closures, and job cuts at General Electric if the decision to not build coal-fired power plants is realized. Lawsuit Against the Sale of Petrobras Refineries Suspended by the STF

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GE – General Electric informed the market yesterday (09/21) about the new decision. The multinational had already expressed its desire to focus less on fossil fuels and more on renewable energy, reflecting the growing acceptance of clean sources by electric companies.

According to Kathy Hipple, financial analyst at the Institute for Energy Economics and Financial Analysis, “GE’s exit from the construction of new coal-fired power plants – after decades as a leader in this segment – is a recognition that growth in the energy sector will no longer come from coal.”

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The company’s new concept of focusing more on renewable energy generation sources makes GE’s portfolio more aligned with ESG (English acronym for Environmental, Social, and Governance practices), as the coal and steam business accounts for about US$ 1 billion of General Electric’s annual revenue.

The company wants to focus on gas turbines for thermal plants or steam turbines for nuclear plants, as well as renewable energy. “As GE continues to transform, we are focusing on power generation businesses that offer an attractive business model and growth prospects,” noted Russell Stokes, director of the energy division of the industrial giant.

Coal-fired power plants are becoming an increasingly less competitive energy source compared to alternatives like gas and wind energy. Coal consumption in the United States is at its lowest level in 40 years, according to the U.S. Energy Information Administration.

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A plane with GE turbines takes off every two seconds: The company has over 36,000 jet engines in service worldwide, and this number is expected to reach 46,000 by 2020, with over 15,000 units already ordered.

GE Healthcare equipment generates 16,000 diagnoses every minute: The focus of many of the 3,000 software engineers in this area is currently on fighting cancer and neurological diseases and GE’s industrial internet solutions to connect and store the medical data of 500,000 imaging diagnostic machines used worldwide.

Leaving the home appliance segment: Low profit margins have made the operation unprofitable, and the Chinese company Haier ended up acquiring it for US$ 5.4 billion.

Its technology generates a third of the world’s electricity: Its technology generates a third of the world’s electricity; with 25,000 wind turbines installed, it has become one of the largest suppliers in the world.

Its products generate real-time data: Sensors are being embedded in all GE products, from wind turbines to locomotives, including turbines and lighting solutions. These products provide real-time information about what is happening with them, sending data on temperature, pressure, and vibration, for example. This data goes automatically to advanced analysis tools, making it possible to predict when a machine will have a problem. In practice, this means extending the life of an asset, reducing unplanned downtime, and minimizing operational risks.

General Electric Will Stop Building Coal-Fired Power Plants, Decision May Lead to Facility Closures and Job Cuts

GE Wants to Focus on Gas Turbines for Thermal Plants or Steam Turbines for Nuclear Plants, as Well as Renewable Energy, Since Coal Power Plants Are Becoming an Increasingly Less Competitive form of Energy

Also Read

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Check Out Some Surprising Facts About the Company That Has Brought “Good Things for Life” Since 1892:

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

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General Electric Will Stop Building Coal-Fired Power Plants, Decision May Lead to Facility Closures and Job Cuts

GE Wants to Focus on Gas Turbines for Thermal Plants or Steam Turbines for Nuclear Plants, as Well as Renewable Energy, Since Coal Power Plants Are Becoming an Increasingly Less Competitive form of Energy

Also Read

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Check Out Some Surprising Facts About the Company That Has Brought “Good Things for Life” Since 1892:

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Government unlocks R$ 554 million for a highway that has been requested for decades and accelerates the duplication of BR.

Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

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While Russia dominates the global wheat market, Brazil emerges as an unexpected competitor in the Cerrado, offering grain available in July and August when stocks in the Northern Hemisphere are at their lowest point of the year.

Archaeologists discover Roman vase buried for over 2,000 years with more than 175 intact gold and silver coins, revealing a desperate strategy to protect wealth during the collapse of the Empire.

The government puts R$ 8.6 billion on the table to change the highway (BR) with 50 overpasses, 28 bridges, 4 tunnels, and 40 km of bike lanes in 180 km of historic duplication.

With 241 meters, 48 thousand tons, and a structure designed to accompany aircraft carriers at sea, the Chinese ship that refuels fleets in motion was born to push Beijing away from the coast and has become the hidden gear of its naval projection.