GE Expands Renewable Energy Business Portfolio to Accelerate Growth, Improve Performance, and Lead the Energy Transition for GE
One of the broadest portfolios in the industry with Wind, Hydro, Grid, and Renewable Hybrids coming together to provide end-to-end solutions for our customers demanding reliable, affordable green power.
BOSTON - 30 January 2019: GE (NYSE: GE) today announced that it intends to intensify its focus on the growing renewable energy market by consolidating all of the company's renewable and grid assets into a single, simplified Renewable Energy business.
Global demand for renewable power generation and the associated grid integration continues to increase globally; the latest report from the International Energy Agency* showed that renewable capacity additions of 178 gigawatts (GW) accounted for more than two-thirds of global net electricity capacity growth in 2017. The proposed moves announced today are part of a broader effort on the part of GE to position the company to meet the evolving needs of the power market, including the growth of renewable energy. These moves include:
- Moving GE's grid solutions and hybrid renewables (including solar and storage systems) technologies into the GE Renewable Energy Business, complementing its existing onshore wind, offshore wind, LM Wind Power, and hydro offerings.
- Complementing all offerings with digitally enabled services
- Streamlining its Onshore Wind structure, eliminating its headquarters layer and elevating its current regional teams-Americas, Europe/Africa, MENAT and APAC - to improve competitiveness, speed, customer focus, and local execution in the Onshore Wind business.
The proposed moves will enable GE Renewable Energy to drive more local and integrated solutions, simplify its structure, and improve performance. The business will be capable of supporting customers from project development, to equipment and services, to full turnkey solutions. It will have the most diverse and broadest renewable portfolios in the industry, enabling customers to bring green electrons to the grid or to power their operations.
GE Chairman and CEO H. Lawrence Culp, Jr., said, "This strategic realignment positions GE to lead in the fast-growing renewable energy market. This move will help our Renewable Energy teams to better support their customers in leading the energy transition by simplifying the way they can access innovative products, integrated solutions, and services that reflect the evolution of the clean energy marketplace."
GE Renewable Energy CEO 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. Our team is excited by the possibilities this new structure creates to help us lead the energy transition for GE."
The expanded Renewable Energy 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.
*Source: International Energy Agency Renewables 2018 market analysis, https://www.iea.org/renewables2018/power/
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