Economy

GE to combine renewable and grid assets

GE to combine renewable and grid assets”

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 past year.

Overall, Saudi Arabia aims to create a renewable energy capability of more than 200GW over the next decade, it added.

Worldwide demand for renewable energy and the associated grid integration continues expanding apace.

In 2017, renewable capacity additions amounted to 178 GW (gigawatts). If constructed, the plants will be able to generate enough power to supply 226,500 homes per year. 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.

General Electric (GE) announced yesterday it is restructuring its renewable energy business, moving its hybrid renewables and grid solutions work, which includes solar and storage, into the same division that develops its wind power and hydro offerings.

GE's renewables business now comprises on- and offshore wind turbines, plus hydropower.

All offerings will be complemented 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 firm said it will "intensify its focus" on the growing green energy marketplace with the creation of GE Renewable Energy Business.

Taxes on those components have pushed up prices of Pakistani-made renewable energy systems, making them harder to sell and leading several companies to the brink of failure, he said.

A new government budget bill, expected to be approved in parliament within a month, would give renewable energy manufacturers and assemblers in the country a five-year exemption from the taxes.



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