Formerly | GE Energy |
---|---|
Company type | Subsidiary |
Industry | Energy industry |
Founded | 2008 2012 (as GE Power & Water) | (as GE Energy)
Defunct | April 2, 2024 |
Fate | Spun off from General Electric to form GE Vernova |
Successor | GE Vernova Arabelle Solutions (non-US nuclear activities) |
Headquarters | , United States |
Area served | Worldwide |
Key people | Scott Strazik (CEO) [1] |
Products |
|
Parent | General Electric |
Subsidiaries | |
Website | www |
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.
As of July 2019, GE Power is divided into the following divisions:
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]
Company type | Subsidiary |
---|---|
Founded | 2008 |
Defunct | 2012 |
Revenue | US$37.1 billion (2009/10) [6] |
Number of employees | Approximately 82,000 (2011) [6] |
Parent | General Electric |
Divisions | GE Energy Management GE Oil and Gas GE Power and Water |
Website | www |
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]
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]
Electricity generation is the process of generating electric power from sources of primary energy. For utilities in the electric power industry, it is the stage prior to its delivery to end users or its storage, using for example, the pumped-storage method.
General Electric Company (GE) was an American multinational conglomerate founded in 1892, incorporated in the state of New York and headquartered in Boston. The company had several divisions, including aerospace, energy, healthcare, and finance.
Alstom SA is a French multinational rolling stock manufacturer which operates worldwide in rail transport markets. It is active in the fields of passenger transportation, signaling, and locomotives, producing high-speed, suburban, regional and urban trains along with trams.
A power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid.
The Westinghouse Electric Corporation was an American manufacturing company founded in 1886 by George Westinghouse and headquartered in Pittsburgh, Pennsylvania. It was originally named "Westinghouse Electric & Manufacturing Company" and was renamed "Westinghouse Electric Corporation" in 1945. Through the early and mid-20th century, Westinghouse Electric was a powerhouse in heavy industry, electrical production and distribution, consumer electronics, home appliances and a wide variety of other products. They were a major supplier of generators and steam turbines for most of their history, and was also a major player in the field of nuclear power, starting with the Westinghouse Atom Smasher in 1937.
A combined cycle power plant is an assembly of heat engines that work in tandem from the same source of heat, converting it into mechanical energy. On land, when used to make electricity the most common type is called a combined cycle gas turbine (CCGT) plant, which is a kind of gas-fired power plant. The same principle is also used for marine propulsion, where it is called a combined gas and steam (COGAS) plant. Combining two or more thermodynamic cycles improves overall efficiency, which reduces fuel costs.
General Electric Company, doing business as GE Aerospace, is an American aircraft engine supplier that is headquartered in Evendale, Ohio, outside Cincinnati. It is the legal successor to the original General Electric Company founded in 1892, which split into three separate companies between November 2021 and April 2024, adopting the trade name GE Aerospace after divesting its healthcare and energy divisions.
Ansaldo Energia S.p.A. is an Italian power engineering company based in Genoa, Italy. The original parent company, Gio. Ansaldo & C., was founded in 1853, and merged with Finmeccanica in 1993.
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
MAPNA Group is a group of Iranian companies involved in development and execution of thermal and renewable power plants, oil & gas, railway transportation and other industrial projects as well as manufacturing main equipment including gas and steam turbines, electrical generator, turbine blade and vane, HRSG and conventional boilers, electric and control systems, gas compressor, locomotive and other pertinent equipment.
The Siemens Energy Sector was one of the four sectors of German industrial conglomerate Siemens. Founded on January 1, 2009, it generated and delivered power from numerous sources including the extraction, conversion and transport of oil and natural gas in addition to renewable and alternative energy sources. As of October 1, 2014, the sector level has been eliminated, including the Siemens Energy Sector.
A gas-fired power plant, sometimes referred to as gas-fired power station, natural gas power plant, or methane gas power plant, is a thermal power station that burns natural gas to generate electricity. Gas-fired power plants generate almost a quarter of world electricity and are significant sources of greenhouse gas emissions. However, they can provide seasonal, dispatchable energy generation to compensate for variable renewable energy deficits, where hydropower or interconnectors are not available. In the early 2020s batteries became competitive with gas peaker plants.
Shanghai Electric is a Chinese multinational power generation and electrical equipment manufacturing company headquartered in Shanghai. The company traces its roots to 1880.
GE Power Conversion, formerly Converteam, is a French electrical engineering company and is a subsidiary of GE Vernova. GE Power Conversion's global headquarters is located in the Paris-Saclay research-intensive and business cluster, south of Paris, in the Île-de-France region.
GE Offshore Wind is a joint venture with Alstom and a subsidiary of GE Vernova, created in 2015 when most of Alstom's electrical power and generation assets were acquired by General Electric. GE's stake in the joint venture is 50% plus 1 share.
GE Wind is a division of GE Vernova. The company manufactures and sells wind turbines to the international market. In 2018, GE Wind was the fourth largest wind turbine manufacturer in the world. Vic Abate is the CEO of GE Vernova’s Wind businesses.
GE Digital is a subsidiary of American energy conglomerate GE Vernova. Headquartered in San Ramon, California, the company provides software and industrial internet of things (IIoT) services to industrial companies.
GE Renewable Energy was a manufacturing and services division of the American company General Electric. It is headquartered in Boulogne-Billancourt, near Paris, France and focuses on the production of energy systems that use renewable sources. Its products include wind, hydroelectric and solar power generating facilities.
GE Vernova Inc., formerly GE Power and GE Renewable Energy, is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts.
Arabelle Solutions, formerly GE Alstom Nuclear Systems, or GEAST, for ‘GE Alstom’, most of which was spun off from GE Steam Power, is a French multinational specialising in nuclear activities related to steam turbines (Arabelle) for the conventional island, present in nearly 16 countries including China, Finland, India, Romania and the United Kingdom, and headquartered in Boulogne-Billancourt, France. At Belfort, it is developing the Arabelle nuclear turbine, the most powerful in the world.
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.