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Press Release

GE to pursue exit from new build coal power market

September 21, 2020

BOSTON, Mass.—September 21, 2020— GE (NYSE: GE) announced today 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.”


Caution Concerning Forward-Looking Statements

For details about uncertainties that may cause our future results to be different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our reports on Forms 10-K and 10-Q.  

About GE

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. www.ge.com

 

For media inquiries, please contact:

Una Pulizzi
GE
202.412.3417
[email protected]
Andrea Doane
GE
41.795.547.013
[email protected]
Steve Winoker
Vice President, Investor Relations
617.443.3400
[email protected]

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