GE announced on 21 September 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 says it will continue to focus on and invest in its core renewable energy and power generation businesses. 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 vp and president & CEO of the GE Power Portfolio commented: “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.”
- Shares in General Electric Co fell 9.1% in active midday trading on 21 September following the announcement. Trading volume was 89.6 million shares, just under the full-day average of 91.0 million shares, but enough to make the stock the most actively traded on the NYSE.