Multinational conglomerate GE intends to exit from the new-build coal power market, the company announced late Monday.
GE's Steam Power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closures, job impacts and appropriate considerations for publicly held subsidiaries.
According to the company’s statement, GE will continue to focus on and invest in renewable energy and power generation businesses, while 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, it 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," Russell Stokes, GE senior vice president and president and CEO of GE Power Portfolio, said.
"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," he stated.
By Nuran Erkul Kaya