GE To Pursue Exit From New Build Coal Power Market
U.S.-based industrial conglomerate GE has announced that it intends to exit the new build coal power market, subject to applicable consultation requirements.
GE's Steam Power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries, GE said in a statement.
GE Power India Ltd., in a regulatory filing to BSE said that it is examining the implications of its parent General Electric Company's decision. "The company will continue to focus its efforts on maintaining its business in India aligned with local market dynamics," the filing said.
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.
Russell Stokes, GE Senior Vice President and President & CEO of GE Power Portfolio said in the statement, "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."