Malaysia
Powering The Future
“The industry, as we know it, is changing” – Steve Bolze, CEO, General Electric Power.
With those few choice but telling words, GE’s first Steam and Power Systems customer summit was underway.
The 2-day event in Singapore had been designed to bring together customers from the ASEAN region for robust discussions surrounding the power industry, current trends and future opportunities.
The summit comes on the backdrop of GE’s largest industrial deal to-date – the acquisition of Alstom’s power and grid business. One that brings together two global industry leaders who are deeply rooted in the energy industry.
Customers at the Center of the GE Universe
Leading the global Power charge, Bolze, in his opening keynote, was unwavering in driving a singular message - “You, our customers, define our success, and we’re committed to investing to ensure your competitiveness”.
With 70% of the company’s business coming from outside of the United States, and electricity generation from coal playing a significant role in the ASEAN energy mix (representing 26% of the installed base), this platform for discussion proved to be a timely one.
“We’re committed to putting power where the world needs it most” – Steve Bolze, CEO, General Electric Power.
“We Can Help You Win.”
Bringing 3,000 Scientists and 37,000 Engineers to Bear
Bolze premised the summit by outlining how current and future customer relationships with GE will be maximized for mutually-beneficial, efficient and profitable partnerships.
Strategic Investments:
1. Alstom Acquisition: The International Energy Agency’s 2014 World Energy Outlook estimates the world needs to add some 7,200 gigawatts (GW) of power generating capacity by 2040 to meet new demand and replace old plants. This acquisition boosts GE’s installed power generation base to some 1,800 gigawatts (GW). That’s more than enough power supply for all of the U.S. The complementary technology, global capability, installed base and talent of Alstom power is expected to further the company’s industrial growth. (You might also be interested in: Energy Deal Redefines Power Industry In Coming Decades)
2. Customer-centric Investment: Bolze illustrated GE’s US$ 110 million investment in the Steam business; specifically in talent, factories and technology, all of which have been designed with the end-goal of ensuring the customer’s competitiveness in their respective local, regional and global power ecosystems.
i) GE Store: Designed to Drive Competitive Advantage Across Businesses
GE Store was introduced as the concept and application of GE scientists (numbered at more than 3,000 in various GE Global research centers!) who share their insights with an army of 47,000 engineers working inside GE businesses: from power to healthcare to oil and gas and aviation. This approach of leveraging insights from across the network is applied to increase efficiency for customers.
ii) Digital Industrial
The Internet has had a massive impact on consumer productivity and commerce. Its impact on industrial markets is just now being realized. GE is now generating and modeling the data from industrial machines - both inside the company and with customers. Bolze says “This is what GE means by becoming a Digital Industrial company.” Greater efficiency means higher power output coupled with cost savings. This is about connecting every single moving part in a customer’s business ecosystem to increase productivity. This is about helping the industry bring more power to the 1.3 billion globally who are still without electricity. (Additional reading: The Digital Power Plant of the Future)
A Promise of Outcomes
Bolze left the audience with three statements of commitment, driving home his introductory speech:
“Firstly, we’re excited about Steam power systems, and committed to delivering outcomes for you, our customers.”
“GE is making historic investments for our customers’, long-term competitiveness.”
“Customers and partnerships have never been more important to us. And with the Alstom acquisition, GE is strategically positioned to help customers capture the coal and steam growth in the world.”