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.
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