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General Electric Goes Long On Gas-Fired Distributed Power; Invests $1.4 Billion In New Business Unit

Feb 26 2014, 10:46pm CST | by , in News | Misc

General Electric Goes Long On Gas-Fired Distributed Power
 
 

General Electric plans to invest more than $1 billion in the rapidly growing distributed power industry.

GE’s Vice Chairman John Rice announced the industrial conglomerate’s plan to create a new business division focused on marketing three product lines – Aeroderivative Gas Turbines, Jenbacher Gas Engines and Waukesha Gas Engines – at a meeting yesterday in Jakarta, Indonesia.

Lorraine Bolsinger, the former CEO of GE Aviation and Vice President of GE Ecomagination at GE Infrastructure, will lead GE’s new distributed power business.

“With more than 1.3 billion people lacking access to reliable power today, our distributed power business is ideally positioned to serve communities in both developing and industrialized countries where we see a growing demand for distributed power solutions to improve local energy security and comply with more stringent environmental regulations,” said Bolsinger.

GE is predicting that that demand for distributed power systems will rise at least 40% faster than global electricity demand between now and 2020, according to a white paper released during the event.

The white paper identifies three key factors driving demand for distributed power technologies.

First, difficulties expanding access to electricity in remote areas with limited or no conventional grid infrastructure is driving demand for distributed power systems. Second, industrial and large commercial customers are embracing distributed power in both developing and developed economies to provide power during natural disasters and other unplanned outages. Finally, the oil and gas industry is scaling up investments in on-site power applications to provide electricity to remote operations as well as mechanical power to pump and compress gas.

 

Source: Forbes

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