General Electric Ditches Coal Power in Favor of Offshore Wind
According to CNN Business, General Electric announced Monday it would not buy nor build any more coal power plants. The company’s announcement comes as a shock just 5 short years after it acquired Alstom’s power business for over 9 billion dollars. GE Power CEO, Russel Stokes, said the company is shifting focus to power generation with “attractive economics and growth trajectory.” Clean energy shows clear signs of growth as 2019 marks a milestone year for the US, consuming more of its energy from renewable sources than coal for the first time since 1885.
In this Business Casual snippet, hosts Daniel Litwin and Tyler Kern consider whether GE can recover from their miscalculated acquisition of Alstrom. Their recent creation of Haliade-X, the world’s most powerful offshore wind turbine, is the company’s big bet on recovery and survival in the energy industry.
KEY POINTS:
- GE ceases buying or building within the coal industry.
- Haliade-X, GE’s powerful over-water wind turbine, shows a big investment in renewable sources.
- Is GE’s investment in renewables enough to recover the company from their ill-fated Alstom acquisition?
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