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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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General Electric : GE supplying steam turbine for Australia's new waste-to-energy plant

10/26/2020 | 08:40am EST

- East Rockingham utility-scale waste-to-energy (WtE) plant will be equipped with GE Steam Power's 35-MWe turbine, part of GE's renewable steam power technology portfolio

- The new WTE plant will convert non-recyclable waste into reliable and dependable electricity for the Australian grid while lowering the overall annual CO2 footprint by 300,000 tons - the equivalent of taking 64,000 cars off the road

- Builds on GE's 100 years of experience providing efficient and reliable steam power technology across a range of fuel sources

Baden, SWITZERLAND - - GE (NYSE:GE) will supply its renewable steam power technology for a new waste-to-energy (WtE) plant located in East Rockingham, Western Australia. In a deal signed with ACCIONA, acting as the project's balance of plant contractor for engineering, procurement and construction (EPC) together with Hitachi Zosen Inova (HZI) as the head EPC, GE Steam Power will design, manufacture and supply its geared reaction steam turbine (GRT) for the project. This technology will enable the plant to generate reliable and dependable electricity from a mix of non-recyclable municipal, commercial and industrial waste.

"The East Rockingham WtE plant is part of ACCIONA's long-term commitment to projects based on cutting-edge technologies that contribute to sustainability and protecting the environment," said Andrew Bell, Commercial Manager, ACCIONA. "GE Steam Power was fast and flexible in offering a solution to meet our technical requirements and timeframe, and we look forward to working with them to deliver on this important project leveraging their proven steam turbine solutions."

As Australia's second large-scale WtE plant, East Rockingham will help meet the country's renewable power generation and local waste management objectives in an environmentally sustainable way. The plant will supply a net capacity to generate 29 MWe of dependable electricity to the grid, enough to power more than 36,000 Australian households. At least 50% of this electricity is fueled from renewable biogenic material with minimum overall CO2-footprint. It will also contribute to a significant overall reduction of greenhouse gas emissions as compared to landfilling the waste which produces methane emissions that are far more potent than CO2.

The East Rockingham Waste to Energy project owned by John Laing (40%), Masdar/Tribe (40%), Acciona Concesiones (10%), and Hitachi Zosen Inova (HZI), (10%), once completed, will treat around 300,000 tons of waste every year, preventing the release of the equivalent of more than 300,000 tons of CO2 per annum into the atmosphere - the equivalent pollution generated by around 64,000 cars.

"With nearly two billion tons of municipal waste produced globally each year and expected to increase, the burning of non-recyclable trash that otherwise emits methane from landfills can help to reduce overall greenhouse gases in the atmosphere," said Sacha Parneix, Chief Commercial Officer, GE Steam Power. "We are proud to support ACCIONA on the East Rockingham WtE project with our proven renewable steam turbine technology to help them convert waste into dependable and reliable energy for the West Australian grid while achieving significant reductions of CO2 emissions for the country and the environment."

###

About GE Steam Power

GE Steam Power is helping customers achieve their cleaner power generation objectives with a broad portfolio of technologies and services that can be applied across a range of fuel sources including nuclear, coal, oil, biomass, solar and municipal waste. With more than 30% of the world's steam turbine installed capacity, 50% of the world's steam turbines operating in nuclear power plants and 30% of the world's boilers, GE Steam Power technology is delivering solutions that optimize the reliability, affordability, flexibility and environmental impact of steam power plants all over the world.

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
ACCIONA S.A. -0.95% 125.7 Delayed Quote.8.74%
GENERAL ELECTRIC COMPANY -2.83% 11.33 Delayed Quote.7.96%
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Financials (USD)
Sales 2020 79 276 M - -
Net income 2020 3 465 M - -
Net Debt 2020 15 155 M - -
P/E ratio 2020 33,8x
Yield 2020 0,35%
Capitalization 99 249 M 99 249 M -
EV / Sales 2020 1,44x
EV / Sales 2021 1,45x
Nbr of Employees 189 400
Free-Float 74,3%
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Average target price 11,48 $
Last Close Price 11,33 $
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H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James S. Tisch Independent Director
Francisco D'Souza Independent Director
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