GE to pursue exit from new build coal power market

GE Steam Power will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants.

Sep 22, 2020 02:09 IST India Infoline News Service

GE announced on Tuesday 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 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, “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.”

Reacting to this news, shares of GE Power India Ltd is currently trading at Rs426.85 down by Rs17.9 or 4.02% from its previous closing of Rs444.75 on the BSE.

The scrip opened at Rs450 and has touched a high and low of Rs450 and Rs413 respectively.

Related Story