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Power Systems will face exciting challenges in 2003. Shipments of large gas turbines in the U.S. will decline after four years of record demand, but Power Systems has positioned itself and investors for a soft landing by expanding other businesses—services, oil and gas, distributed generation and wind energy—that will generate new growth in current and previously untapped markets.
Today, Power Systems has an enormous installed base of more than 1,500 advanced gas turbines, and multi-year service agreements that should deliver almost $2 billion in revenues in 2003 alone. Oil & Gas will introduce new upgrade technologies to increase the performance and efficiency of its installed base, and it will expand further into inspection and services. Power Systems’ enhanced distributed power offerings will provide low-cost energy alternatives that underscore GE’s commitment to a cleaner environment.
In addition, Power Systems is tapping the power of wind. The fastest-growing segment of the energy industry, wind is receiving strong public and regulatory support worldwide. In 2003, GE Wind is targeting $1 billion in revenue in an industry growing 15-20% annually.
Common to these businesses is Power Systems’ focus on long-term growth through technological leadership. Power Systems continues to invest aggressively in new turbine technology. In addition to launching three new turbine models in 2002, Power Systems also began test operations of its next-generation H System, which, when it goes into commercial use, will be the largest and most efficient power generating system ever.
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John G. Rice
President and CEO
GE Power Systems
2002 REVENUES: $22.9 billion
BREAKTHROUGHS
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1879 : Power Systems
Dynamo: Edison and team develop first dynamos capable of powering neighborhood-wide lighting systems. 2002 Power Systems revenues: $22.9 billion
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GE Power Systems Web site |
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Very Useful