GE to combine renewable and grid assets

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GE to combine renewable and grid assets

Moving the company's grid solutions and hybrid renewables technologies into GE Renewable Energy.

The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016.

The announcement will eliminate a layer of management mostly based in Chicago, with minimal reduction in staff, Reuters reported.

GE Renewable Energy chief executive Jerome Pecresse said: "With the unique diversity and scale of this portfolio and the combination of expertise, technology, and local reach, we will create enhanced value for all our customers seeking to power the world with affordable, reliable green electrons". GE does not make solar panels.

Reportedly, GE's current move is its first structural shift after the US SEC (Securities & Exchange Commission) and the Department of Justice had extended the accounting probes to include a goodwill write-down worth $22 billion in the third quarter, at GE Power.

RES said it also saw increased interest in power purchase agreements, including one in November with Royal Caribbean Cruises that took the company to over 1GW of contracts with corporate customers. Industry experts speculated the move to be GE's strategic step to set up its non-gas business for sale.

GE's newest gas turbines are under scrutiny after a broken blade severely damaged a unit in Texas a year ago, causing a two-month plant outage.

LM Wind, which GE acquired in 2017, manufactures wind turbine blades.

The expanded Renewable Energy unit is part of GE's energy-related portfolio, which also includes the newly created Gas Power business and GE's Power portfolio which operates Steam, Nuclear, and Power Conversion. Power contributed about 28 percent.

Muhammad Abdur Rahman, managing director of Innosol, a company that imports and installs renewable energy systems, said that cheap imports of renewable energy systems from China remained the main barrier to building more such systems in Pakistan.

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