General Electric announced that it is planning to exit the new build coal power market, and will focus investments on its renewable energy business. The company stated that the exit strategy may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries.
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’s move follows an emerging pattern in companies spanning multiple industries to distance themselves from coal-based businesses, including mining companies such as BHP, financial services companies including Deutsche Bank and Credit Suisse, and several major investors and pension funds.
GE stated that it 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. Its Steam Power business will continue to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants.