“GE’s deal-making worsened its exposure to fossil fuels. Rather than transforming into a clean energy powerhouse, GE doubled down on fossil fuels in 2015 by acquiring Alstom’s power business, which makes coal-fueled turbines. The $9.5 billion deal was GE’s biggest-ever industrial purchase and made GE Power its largest division. GE also increased its oil and gas footprint by merging those businesses with Baker Hughes (BHGE) last year.
GE Power is in shambles today because power plants are increasingly ordering solar and wind technology instead of gas and coal turbines. As GE’s (GE GENERAL ELECTRIC CO) orders have tumbled, it’s been forced to offer deep discounts on products and services. Now, the business is grappling with massive overcapacity. In response, GE Power recently announced plans to cut 12,000 jobs in a bid to shrink its footprint and slash $1 billion in costs.”
See GE has a fossil fuels problem
It’s been clear to me for years, clean renewable solar/wind/renewable energy is a better deal in every way: lower costs for energy and less maintenance. It’s sad that GE had to learn the lesson the hard way by losing on its investment in a big way. Let’s hope they invest in greener energy sooner rather than later. It’s not enough to cut back on dirty energy. They have to go green to keep up with the rest of the world.
Ten years ago TLW and I made a big investment in renewable energy. We bought a solar/geothermal heated house. Our heating costs are much lower than using fossil fuel and we have lower maintenance and no pollution. This year, I will also buy my first battery-powered EV and a solar charging station for it. I’ll be laughing all the way to my grave over skipping gasoline pumps and oil-changes. GE, get with the programme.