GE Invests in Wind; for a Greener Tomorrow
FREMONT, CA: General Electric significantly increased its focus on green energy, by launching its GE Renewable Energy division after acquiring France-based Alstom’s power and grid companies for $10.6 billion last year.
GE, is currently working for the first ever U.S. offshore wind farm. Operating as on the world’s leading digital industrial companies, GE is expanding globally in wind power while battling the recession in oil and gas prices.
“Renewable power is fully mainstream and not just some dream of left-wing”, stressed Jérôme Pécresse, the new President and CEO of GE Renewable Energy, joining from Alstom.
“It’s a big part of the energy equation in the world. More than half of the (electricity) megawatts developed every year are renewable,” he said in an interview at IHS Energy CERAWeek. “It’s important in every country in the world. It’s clearly an industry of its own.”
GE Renewable Energy is one of the world's leading wind turbine suppliers, with over 30,000 across around the world. Pécresse has his eyes set on developing the first-ever US offshore wind farms, especially along the Atlantic Coast.
Deepwater Wind LLC is set to launch the country’s first commercial wind farm later in the year off the shore of Rhode Island’s Block Island. The small farm is expected to have five wind turbines to boot, built solely by GE and its new Alstom acquisitions.
“I think it’s the precursor for bigger offshore potential in the U.S.,” Pécresse said, especially in the Northeast where energy costs are pricier. “There are places in the U.S. where offshore wind can be competitive because of good wind.”
GE is also scheduled to deliver turbines for an upcoming project by Dominion, somewhere offshore of Virginia.
“The Alstom deal also allows GE to grow its wind turbine business globally in Europe, Latin America and, eventually, in Africa”, Pécresse said.
“The oil bust could also create opportunities for GE to make acquisitions”, said Lorenzo Simonelli, President and CEO, GE Oil & Gas. “During a downturn, it’s a time for disruption. It’s a time for us to go on the offense,” he furthered, although, declined to discuss further potential deals.
“GE is focusing on unique, new contracts with oil producers”, Simonelli said. There are additional plans to deliver more parts and equipment to the booming petrochemical industry along the Gulf Coast.