General Electric Phasing Out Use Of Coal Power
GENERAL ELECTRIC SAYS IT WON'T BE BUILDING ANY NEW COAL-FUELED POWER PLANTS
(CNN) – One of the world’s largest makers of coal-fired plants is getting out of the coal business.
Struggling General Electric announced that it won’t be building any new coal-fueled power plants.
This move could potentially lead to asset sales, site closures, and layoffs.
It’s also a major reversal for GE, which acquired a coal-fueled turbine company just five years ago.
But since then, there’s been a shift toward solar, wind, and renewable energy.
GE has also been under pressure from investors to cut back on its fossil fuel investments.
The company isn’t completely cutting ties with coal just yet.
GE says it will continue to service existing coal power plants and build turbines for nuclear power plants.