GE to combine renewable, grid assets into single unit

Energy Storage for Renewable Energy Grid Integration Market

Energy Storage for Renewable Energy Grid Integration Market

The combined generation capacity will be 1.51 gigawatts (GW), enough to power 226,500 households, said Arab News, citing a statement from the Renewable Energy Project Development Office of Saudi Arabia's Ministry of Energy, Industry and Mineral Resources.

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 combined unit will have about 40,000 employees and annual revenue of about $16 billion (12 billion pounds), GE spokesman Jim Healy said in an interview, compared with $10.2 billion for renewable energy previous year. GE's units handling electrical transmission and distribution grids, battery storage and solar inverters and controls had been in GE's Power business, which is focused on fossil fuel generation. GE does not make solar panels.

Only five to six per cent of power to the national electricity grid now comes from renewable energy, according to the Alternate Energy Development Board (AEDB).

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This is GE's first major move after its third-quarter earnings in October when the U.S. Securities and Exchange Commission and Department of Justice had expanded probe to include the $22-billion writedown of goodwill from its power division.

For the record, GE, in October past year, revealed that it is planning to separate natural gas power from nuclear, coal and grid, and announced new leaders for the units. "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".

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

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Forbes reported that according to H. Lawrence Culp Jr., GE's CEO & Chairman, the latest strategic realignment positions the company to lead the exponentially growing renewable energy market.

The proposed moves are created to enable GE Renewable Energy to drive more local and integrated solutions, simplify its structure, and improve performance, the company says.

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