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GE Power

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GE Power
FormerlyGE Energy
Company typeSubsidiary
IndustryEnergy industry
Founded2008; 16 years ago (2008) (as GE Energy)
2012; 12 years ago (2012) (as GE Power & Water)
DefunctApril 2, 2024 (2024-04-02)
FateSpun off from General Electric to form GE Vernova
SuccessorGE Vernova
Headquarters
Schenectady, New York
,
United States
Area served
Worldwide
Key people
Scott Strazik (CEO)[1]
Products
  • Engines
  • Turbines and Generators
  • Measurement and control systems
  • Nuclear reactors
  • Boilers
  • Heat Recovery Steam Generators (HRSG)
ParentGeneral Electric
Subsidiaries
Websitewww.ge.com/power

GE Power (formerly known as GE Energy) was an American energy technology company owned by General Electric (GE). In April 2024, GE completed the spin-off of GE Power into a separate company, GE Vernova. Following this, General Electric ceased to exist as a conglomerate and pivoted to aviation, rebranding as GE Aerospace.

Structure

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As of July 2019, GE Power is divided into the following divisions:

History

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GE Power Systems

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GE Power Systems was a division of General Electric operating as supplier of power generation technology, energy services and energy management and also included oil and gas, distributed power and energy rental related solutions.[2] The unit was based originally in Schenectady, NY and relocated to Atlanta, GA in 2000.[3]

It acquired Enter Software in 2001.[4]

It acquired Enron's Wind solution in 2002.[5]

GE Energy (2005-2008)

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GE Energy
Company typeSubsidiary
Founded2008; 16 years ago (2008)
Defunct2012; 12 years ago (2012)
RevenueUS$37.1 billion (2009/10)[6]
Number of employees
Approximately 82,000 (2011)[6]
ParentGeneral Electric
DivisionsGE Energy Management
GE Oil and Gas
GE Power and Water
Websitewww.gepower.com

GE Energy was a division of General Electric and was headquartered in Atlanta, Georgia, United States.[7]

In 2008, a company-wide reorganization prompted by financial losses led to the unit's formation from companies within GE Infrastructure division. Before this reorganization, GE had nine decades of history in industrial power production [8] including building a record-capacity three-phase generator for Niagara Falls in 1918 [9] and installation of generators at the Grand Coulee Dam in 1942.[10]

On March 29, 2011, GE Energy announced plans to acquire a 90% stake in the French company Converteam for $3.2 billion.[11][12]

In July 2012, John Krenicki announced that he would be stepping down as president of GE Energy, and the business would be broken into three new GE businesses consisting of the following divisions:[13][6]

  • GE Energy Management[a]
    • Digital Energy
    • Industrial Solutions
    • Environmental Services
    • Power Conversion (former Converteam assets)
    • Bethesda Counsel
  • GE Oil & Gas
  • GE Power & Water
    • Power Generation Products (previously known as Thermal Products)
    • Power Generation Services
    • Distributed Power
    • GE Hitachi Nuclear Energy
    • Renewable Energy (Wind Energy)
    • Water & Process Technology

2013–2024

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After lengthy negotiations, on 2 November 2015, GE finalized the acquisition of Alstom's power generation and electricity transmission business, that were integrated into GE Power & Water. Later, the newly acquired Hydro and Wind business of Alstom, together with GE's own Wind Energy division, were spun-off to create a new subsidiary called GE Renewable Energy.

In 2015, GE Power garnered press attention when a model 9FB gas turbine in Texas was shut down for two months due to the break of a turbine blade. This model uses similar blade technology to GE's newest and most efficient model, the HA. After the break, GE developed new protective coatings and heat treatment methods. Gas turbines represent a significant portion of GE Power's revenue, and also represent a significant portion of the power generation fleet of several utility companies in the United States. Chubu Electric of Japan and Électricité de France also had units that were impacted. Initially, GE did not realize the turbine blade issue of the 9FB unit would impact the new HA units.[14]

Forced by a wave of very negative financial results, the company went through a series of disinvestments and reorganization in 2017.

In May 2017, GE Oil & Gas was combined with Baker Hughes Incorporated to create Baker Hughes, a GE company (BHGE), a new tier-1 business inside the parent group.

In June 2017, GE Energy Connections merged again with GE Power & Water, to become the present GE Power. The new combined business unit is led by Scott Strazik.[15]

Swiss-based ABB announced in September 2017, a $2.6 billion deal with GE Power to acquire the Industrial Solutions division.[16]

In October 2017, GE Power sold its Water & Process Technology division to French-based utility company Suez for a total of $3.4 billion.[17]

In June 2018, the private equity firm Advent International agreed to buy GE's distributed power unit for $3.25 billion.[18]

In 2019, in a strategic realignment to cut costs and satisfy the surging demand in the renewable power market, it was decided to merge the Grid Solutions portfolio into the Renewable Power business.[19] That move took GE assets on electrical transmission grids, battery storage and solar inverters away from GE Power.[citation needed]

In June 2019, GE Steam Power started manufacturing half-speed steam turbines for the four Rosatom VVER-1200s being built at Akkuyu Nuclear Power Plant, Turkey's first nuclear power plant. This is part of a joint venture established in 2007, between General Electric and Rosatom subsidiary Atomenergomash, called AAEM Turbine Technology, to supply equipment for VVER nuclear power plants. The joint venture includes the manufacture of heat exchange equipment in Russia. GE has installed about half of all nuclear power plant steam turbines around the world.[20] [21]

In November 2022, Électricité de France (EDF) agreed the acquisition of GE Steam Power's nuclear activities, including the manufacture of non-nuclear equipment for new nuclear power plants including steam turbines and the maintenance and upgrade of existing nuclear power plants outside America.[22]

In 2021 GE announced a plan to split GE into three new public companies: GE Vernova, GE HealthCare and GE Aerospace was announced. GE Power along with GE Digital, GE Renewable Energy, and GE Energy Financial Services will come together as GE Vernova.[23]

On April 2, 2024, the divestiture of GE Power into GE Vernova was completed.[24][25]

Notes

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  1. ^ GE Energy Management was rebranded as GE Energy Connections in early 2016.

References

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  1. ^ "Company Information". GE Power. Retrieved 14 August 2017.
  2. ^ "GE Power Systems Holds Regional State-of-the-Art Technology Seminar and Power Expo | GE News". www.ge.com. Retrieved 2024-04-07.
  3. ^ undefined. "GE plans a brighter presence in Atlanta". The Atlanta Journal-Constitution. ISSN 1539-7459. Retrieved 2024-04-07.
  4. ^ "GE Power Systems selects GateCycle". www.poweronline.com. Retrieved 2024-04-07.
  5. ^ "GE Power Systems' Proposed Acquisition Of Enron Wind Nears Completion | GE News". www.ge.com. Retrieved 2024-04-07.
  6. ^ a b c "GE Energy Fact Sheet" (PDF). GE Energy. Archived from the original (PDF) on January 2, 2011. Retrieved 15 April 2011.
  7. ^ GE Company Organization Chart Archived 2010-02-15 at the Wayback Machine
  8. ^ "A History of GE Speedtronic Turbine Control". 27 January 2020.
  9. ^ "GE History | GE Founder, History & Company Timeline | General Electric".
  10. ^ "GE History | GE Founder, History & Company Timeline | General Electric".
  11. ^ "GE Energy To Buy 90% Stake In Converteam For $3.2B". Wall Street Journal. 29 March 2011. Archived from the original on April 7, 2011.
  12. ^ Layne, Rachel (2011-03-29). "General Electric Agrees to Buy Converteam for $3.2 Billion". Bloomberg Business. Retrieved 2015-10-29.
  13. ^ Linebaugh, Kate (2012-07-20). "GE Shake-Up Will Audition New Leaders". The Wall Street Journal. Retrieved 2015-10-29.
  14. ^ Scott, Alwyn (January 25, 2019). "GE urges speedy fix for power turbine blades, says blade broke in 2015: sources". www.reuters.com. Retrieved January 25, 2019.
  15. ^ Hiller, Jennifer (12 November 2021). "General Electric's Power Business Faces Stiff Competition as Spinoff Looms". The Wall Street Journal. Retrieved 2 January 2022.
  16. ^ "ABB buys GE business for $2.6 billion in bet it can boost margins". Reuters. 2017-09-25. Retrieved 2020-04-15.
  17. ^ "GE Power Sells Lucrative Water & Process Technologies Division to SUEZ in $3.4B Deal". POWER Magazine. 2017-10-02. Retrieved 2018-02-07.
  18. ^ "Advent takes over GE distributed power unit for $3.25 billion". Reuters. 2018-06-25. Retrieved 2018-10-12.
  19. ^ "GE to combine renewable, grid assets into single unit". Reuters. 2019-01-30. Retrieved 2019-07-31.
  20. ^ "Partnerships key to nuclear growth, says GE Steam Power CEO". World Nuclear News. 1 August 2019. Retrieved 4 August 2019.
  21. ^ "Bates Electric". Retrieved 6 March 2021.
  22. ^ "Agreement signed on EDF's acquisition of GE Steam Power's nuclear activities". Nuclear Engineering International. 8 November 2022. Retrieved 8 November 2022.
  23. ^ "GE Digital becomes part of GE Vernova". Retrieved 2024-01-23.
  24. ^ Chesto, Jon (April 1, 2024). "GE's long life as giant industrial conglomerate enters new era, as company splits up on Tuesday". The Boston Globe. Archived from the original on April 1, 2024.
  25. ^ Mazein, Elodie (April 1, 2024). "Swan song for General Electric as it completes demerger". AFP. Archived from the original on April 2, 2024 – via Yahoo! News. The official finalization of the separation comes Tuesday, with General Electric disappearing in favor of GE Vernova, dealing with energy activities, and GE Aerospace, the new name of the late GE.

Further reading

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