Yahoo Finance General Electric (GE) Unit Wins Gas Turbine Order in China
General Electric Company’s GE unit, GE Vernova’s Gas Power business, and Harbin Electric (“HE”) secured a contract from Chinese State Development & Investment Corp., Ltd. (“SDIC”) Jineng (Zhoushan) Gas Power Generation Co., Ltd. to deliver two gas turbines. These turbines will be installed in a new combined cycle power plant at the Zhoushan archipelago in Zhejiang Province, China.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).
Per the deal, GE will supply two units of 9HA.02 gas turbines to SDIC Zhoushan’s combined cycle plant, which is the first H-class gas-fired power generation project in Zhejiang Province. GE’s turbines can turn on or off quickly, which support the growth of renewables by switching to natural gas power when wind or solar energy isn’t accessible.
The use of General Electric’s HA gas turbines can help reduce emissions by as much as 60%. With the help of these turbines, the plant can provide an equivalent capacity, which could be produced by burning 1.35 million tons of coal in a year.
The gas turbines will also increase reliability and flexibility by boosting Zhejiang Province’s power-supply capacity and power grid peak shaving capability.
When completed, this 1.7-Gigawatt power plant will help power China’s largest archipelago, which comprises 1,390 islands. The first unit is expected to begin operation by the end of 2025. It is likely to burn approximately 10% by volume of green hydrogen when blended with natural gas in the future.
Price Performance
Shares of GE have risen 74.2% in a year, outperforming the industry‘s 0.5% growth.
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Zacks Rank & Other Stocks to Consider
General Electric currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies are discussed below:
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The company delivered a trailing four-quarter earnings surprise of approximately 60.2%, on average. In the past 60 days, estimates for Axon’s earnings have increased 5.1% for 2023. The stock has soared 77.4% in the past year.
Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank of 1 and a trailing four-quarter earnings surprise of 15%, on average.
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Caterpillar Inc. CAT presently carries a Zacks Rank of 2. CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s 2023 earnings have increased 1.3%. The stock has gained 52% in the past year.
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