GE Power

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GE Power
Subsidiary
IndustryEnergy
Founded2008; 10 years ago (2008) (as GE Energy)
2012; 6 years ago (2012) (as GE Power & Water)
HeadquartersSchenectady, New York, United States
Area served
Worldwide
Key people
Russell Stokes
(President & CEO)[1]
ProductsEngines, Turbines and Generators
Measurement and control systems
Nuclear reactors
Oil production equipment
Solar panels
Heat Recovery Steam Generators(HRSG)
Wind turbines[2]
ParentGeneral Electric
DivisionsGE Energy Management
GE Oil and Gas
GE Power and Water
Websitewww.gepower.com

GE Power (formerly known as GE Energy) is an American energy techniques company, owned by General Electric. GE Power is the largest energy techniques and selling energy company in the world.

History[edit]

GE Energy (early years)[edit]

GE Energy
Subsidiary
Founded2008; 10 years ago (2008)
Defunct2012; 6 years ago (2012)
RevenueUS$37.1 billion (2009/10)[2]
Number of employees
Approximately 82,000 (2011)[2]
ParentGeneral Electric
DivisionsGE Energy Management
GE Oil and Gas
GE Power and Water
Websitewww.gepower.com

GE Energy was a division of General Electric and was headquartered in Atlanta, Georgia, United States.[3]

In 2008, a company-wide reorganization prompted by financial losses led to the unit's formation from companies within GE Infrastructure division.

On March 29, 2011, GE Energy announced plans to acquire a 90% stake in Converteam for $3.2 billion.[4][5]

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: [6][2]

  • GE Energy Management[a]
    • Digital Energy
    • Industrial Solutions
    • Environmental Services
    • Power Conversion (former Converteam assets)
    • Bethesda Counsel
  • GE Oil & Gas
  • GE Power & Water
    • Power Generation Products (previously known as Thermal Products)
    • Power Generation Services
    • Distributed Power
    • GE Hitachi Nuclear Energy
    • Renewable Energy (Wind Energy)
    • Water & Process Technology

2013–present[edit]

After lengthy negotiations, on 2 November 2015 GE finalised 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.

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 former GE Energy Connections president and CEO, Russell Stokes.[7]

Swiss-based ABB Group announced in September 2017 a $2.6 billion deal with GE Power to acquire the Industrial Solutions division.

In October 2017, GE Power sold its Water & Process Technology division to French-based utility company Suez for a total of $3.4 billion.[8]

In June 2018, the private equity firm Advent International agreed to buy GE’s distributed power unit for $3.25 billion. GE had put the unit, which makes Jenbacher and Waukesha brand reciprocating gas engines, up for sale as part of a three-year plan to exit about $20 billion in industrial assets.[9]

As of 2018, GE Power is divided into the following divisions:

Notes[edit]

  1. ^ GE Energy Management was rebranded as GE Energy Connections in early 2016.

References[edit]

  1. ^ "Company Information". GE Power. Retrieved 14 August 2017.
  2. ^ a b c d "GE Energy Fact Sheet" (PDF). GE Energy. Archived from the original (PDF) on January 2, 2011. Retrieved 15 April 2011.
  3. ^ GE Company Organization Chart Archived 2010-02-15 at the Wayback Machine.
  4. ^ "GE Energy To Buy 90% Stake In Converteam For $3.2B". Wall Street Journal. 29 March 2011. Archived from the original on April 7, 2011.
  5. ^ Layne, Rachel (2011-03-29). "General Electric Agrees to Buy Converteam for $3.2 Billion". Bloomberg Business. Bloomberg Business. Retrieved 2015-10-29.
  6. ^ Linebaugh, Kate (2012-07-20). "GE Shake-Up Will Audition New Leaders". The Wall Street Journal. The Wall Street Journal. Retrieved 2015-10-29. (Subscription required (help)).
  7. ^ "Russell Stokes named President and CEO of GE Power". genewsroom.com. 14 June 2017. Retrieved 4 April 2018.
  8. ^ "GE Power Sells Lucrative Water & Process Technologies Division to SUEZ in $3.4B Deal". POWER Magazine. 2017-10-02. Retrieved 2018-02-07.
  9. ^ "Advent takes over GE distributed power unit for $3.25 billion". Reuters. 2018-06-25. Retrieved 2018-10-12.