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 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.
"With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory," GE Power CEO Russell Stokes said in a statement. Inch added that the news also suggests GE has not found any buyers for the steam power business, which in January Bloomberg News reported the company was attempting to sell.
That makes sense because despite President Donald Trump's campaign promise to revive coal, the industry continues to lose ground, especially in the United States.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bantayan Island gets emergency power supplyBantayan Island will have lesser power outages with INEC bringing to the island generators that can supply 3 megawatts of power.
Read more »
Angelica Panganiban stays with ABS-CBN: 'I'm happy where I am'Angelica Panganiban is staying with ABS-CBN, and said she doesn't see a reason for her to move to another station. FULL STORY:
Read more »
Iran says US 'isolated' as world powers dismiss sanctions
Read more »
After 32 years, documentary on aftermath of Marcos rule gets PH premiere
Read more »
Aubrey Miles shares tips, insights on growing plants in waterActress and “plantita” Aubrey Miles, much like her partner actor Troy Montero, has gotten into the endeavor of growing plants.
Read more »
KC Concepcion gets surprise video greeting from Colombian superstar Shakira - Manila BulletinActress KC Concepcion got one of the biggest surprises of her life when she was greeted by the popular Colombian singer Shakira.
Read more »