General Electric GE announced plans to exit new build Coal Power Market. Nonetheless, GE will continue to provide service to existing coal plants through its Steam Power Business. The conglomerate based in Boston has faced mounting pressure from investors and environmental watchdogs to switch to more environmentally sustainable projects.
As we pursue this exit from the new-build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertiseRussell Stokes, GE Senior Vice President & CEO of GE Power Portfolio.
This news will add yet another obstacle to the already struggling Lamu Coal project, which last year, put on hold construction plans of the plant due to environmental concerns.
Africa’s leading lending bank AfDB too in 2019 distanced itself from coal power plants construction in Africa. Ultimately this puts a huge block to Kenya’s Lamu Coal Power Plant project in which GE was to design, manufacture and deliver components to the Lamu Coal Power Plant. The agreement with Amu Power was to provide Clean Coal Technology that would see a production of 1050 MW.
GE, which has made huge strides in renewable energy, is focusing more on making access to renewable energy easier and efficient. Just last year, the company launched the world’s largest and most powerful wind turbine Haliade-X with a 12MW generator. The offshore wind market is projected to grow to 190 GW in just ten years. With an investment of up to $1 Trillion, it looks like GE has its eyes on the future.