New solutions are enabling a cleaner and more efficient global power system, write Debora Frodl, Global Executive Director at GE Ecomagination, and Juan M. de Bedout, Chief Technology Officer at GE Energy Connections.
The smart-home business had a value of $47 billion globally in 2015, and it's expected to grow at 14 percent annually. But utilities need to move particularly fast in this business, according to Oliver Wyman's energy and utilities experts. New entrants, especially big tech players, are moving in with services that leverage their whiz-bang digital wear.
The extent to which we support energy innovation today will determine the world our children and grandchildren inherit in 2050. It takes 30 years or more to successfully commercialize and deploy transformative new energy technologies at scale, so the investments we choose to make over just the next 5 years – or indeed those we don’t - will determine their fate.
The year 2050 sounds pretty far away, doesn’t it? But in terms of the world our children and grandchildren will inherit, 2050 is today: it’s right around the corner.
The acquisition of Alstom’s energy assets delivered $1.5 billion in synergies in 2016, $300 million above GE’s original five-year target for Alstom synergies, GE’s Chief Financial Officer Jeff Bornstein told investors at a conference in New York held by GE’s Power and Renewable Energy businesses last week. “Alstom makes us more competitive,” Bornstein said. “It broadens the service base and creates long-term incremental value.”
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If last year is any indication, the next decade belongs to renewable energy. Debora Frodl, Global Executive Director at GE Ecomagination, and Yves Rannou, President and CEO for GE Renewable Energy, Hydro, share three reasons that propel the business case for renewable energy.