Deleted
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Apr 29, 2024 5:28:34 GMT
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Post by Deleted on Sept 22, 2020 17:46:37 GMT
"General Electric is one of the world's largest makers of coal-fired power plants. But now it plans to say goodbye to coal. Struggling GE (GE) announced Monday it won't build new coal-fueled power plants, making it the latest major company to dump coal in an exit that may include asset sales, site closures and layoffs. The move marks a dramatic reversal for GE. Just five years ago, the company doubled down on coal by acquiring Alstom's power business, which makes coal-fueled turbines. That $9.5 billion deal -- GE's biggest-ever industrial purchase -- proved to be a disaster. Coal has been crushed by the rise of natural gas and a shift toward solar, wind and renewable energy. Since then, GE has laid off thousands of power workers, slashed its dividend to a penny, fired two CEOs and sharply written down the value of its power business. The decision marks the latest unraveling of the GE empire as the company struggles to cut a mountain of debt and shrinking profits. In recent years, GE has reached deals to sell its century-old locomotive division, reverse its takeover of oil-and-gas giant Baker Hughes (BKR), sell a major healthcare unit and even dump its iconic light-bulb business. GE's exit from coal "highlights the billions of dollars of shareholder value destruction that is embodied with the failed Alstom acquisition," John Inch, senior analyst at Gordon Haskett Research Advisors, told CNN Business in an email." You can't save coal. You won't save oil (in 20ish years). These systems are being replaced on a worldwide scale.  |
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Post by Eddie-n-Harley on Sept 22, 2020 17:51:03 GMT
You can't save coal. You won't save oil (in 20ish years). These systems are being replaced on a worldwide scale. I can't like a bunch of layoffs, but  . |
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Post by hop2 on Sept 22, 2020 19:05:33 GMT
This is probably a good move
Coal is a finite entity
Coal is dangerous to mine
Coal is expensive to mine
Mining coal is terrible for the environment
And that’s all before you transport it & burn it. Without even getting into the possible environmental issues of burning coal it’s an inefficient finite fuel source. No amount of deregulation on burning it will really help the cost efficiency ratio over time since it will not remove the issues with mining it. Deregulating mining is just going to end up a human safety issue. It’s is an inefficient fuel source and will continue to be more & more difficult to make a profit with because of it’s inefficiency. I’m guessing there’s only a decade or two left in coal as a waning industry but it will not have long term profitability no matter whom is elected where. Anyone who doesn’t see that is wearing blinders and exercising willful ignorance.
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Post by kraft4fun on Sept 22, 2020 22:51:15 GMT
Our power comes from the Coal Plant less than 2 miles away. It is supposed to be shut down by 2023 as it is getting too costly to maintain. Will be interested to see what happens.
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msladibug
Pearl Clutcher
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Post by msladibug on Sept 22, 2020 23:10:02 GMT
...and there go the coal miners jobs that trump promised to rebuild. Coal is so yesteryear.
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Post by gardengoddess on Sept 22, 2020 23:57:10 GMT
One of the nastiest industries out there and the worst of them not only are some of our country's worst polluters but they literally own their employees. Don Blankenship and Robert Murray can kiss this country's ass and go fuck themselves.
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Deleted
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Apr 29, 2024 5:28:34 GMT
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Post by Deleted on Sept 23, 2020 16:26:07 GMT
You can't save coal. You won't save oil (in 20ish years). These systems are being replaced on a worldwide scale. I can't like a bunch of layoffs, but . Of course there will be layoffs. We ALWAYS lay people off when we find better ways to do things. The DEMS want to use m/billionaire taxes to fund retraining into the fastest growing sectors in the US - building and maintaining renewable energy projects. The layoffs are part of life (like Blockbuster Video stores). The despair and F"##$ YOU attitude to the unemployed doesn't have to be. |
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Post by dockmaster on Sept 23, 2020 17:09:06 GMT
GE is a Global company, they stopped building new coal plants in the US a while a go. In the US they build gas and steam turbines. The gas turbines run off liquid fuel and the steam turbines run off the exhaust of the gas turbines. The Mister's job is to build these facilities here in the states.
They still maintain existing coal plants, but are replacing them with the clean energy plants as they reach their life expectancy.
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Deleted
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Apr 29, 2024 5:28:34 GMT
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Post by Deleted on Sept 23, 2020 17:12:15 GMT
GE is a Global company, they stopped building new coal plants in the US a while a go. In the US they build gas and steam turbines. The gas turbines run off liquid fuel and the steam turbines run off the exhaust of the gas turbines. The Mister's job is to build these facilities here in the states. They still maintain existing coal plants, but are replacing them with the clean energy plants as they reach their life expectancy. Yes. But this is about them not BUILDING them anymore. Anywhere. www.ge.com/news/press-releases/ge-pursue-exit-new-build-coal-power-market |
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Post by dockmaster on Sept 23, 2020 17:27:39 GMT
Which is good thing. GE just builds them, they don't own them. They are no longer offering them as an option anywhere. There are a handful of other companies that build them too. Most first world countries had already stopped building them. Now any country won't have the option of building them, if they want GE to build it.
GE also has a wind and solar division and are regularly building these facilities too.
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Deleted
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Apr 29, 2024 5:28:34 GMT
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Post by Deleted on Sept 23, 2020 17:35:31 GMT
Which is good thing. GE just builds them, they don't own them. They are no longer offering them as an option anywhere. There are a handful of other companies that build them too. Most first world countries had already stopped building them. Now any country won't have the option of building them, if they want GE to build it.
GE also has a wind and solar division and are regularly building these facilities too.Indeed. GE has been huge in wind and will continue to be so. Which belies the "we need to keep coal alive" bs. We need to keep ENERGY alive - and the cleaner the better. We need to train people to build and maintain onshore and offshore wind, CSP and PV solar and the thousands of job they provide. www.sandersinstitute.com/blog/the-renewable-energy-jobs-myth |
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Post by dockmaster on Sept 23, 2020 18:38:14 GMT
I hope GE continues doing what they are doing because that is my families livelihood. LOL The mister enjoys his job. This is his 2nd career after retirement from the Navy.
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Deleted
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Apr 29, 2024 5:28:34 GMT
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Post by Deleted on Sept 23, 2020 19:29:42 GMT
I hope GE continues doing what they are doing because that is my families livelihood. LOL The mister enjoys his job. This is his 2nd career after retirement from the Navy. I hope they (and all employers) do what's best for society as a whole - not only their own profits while killing the planet for our kids and beyond. |
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