GE Power India yet to take final call on coal exit

By: |
September 23, 2020 8:08 AM

General Electric Company (GE) has expressed the intention to exit the new build coal power market across the world, but GE Power India (GEPIL) — the American multinational firm’s Indian subsidiary — is still assessing the holding company’s decision and its impact on business activities in the country. 

GEPIL is executing around 25.2 GW emissions control projects and around 32 GW of boilers projects for power plants across the country.

General Electric Company (GE) has expressed the intention to exit the new build coal power market across the world, but GE Power India (GEPIL) — the American multinational firm’s Indian subsidiary — is still assessing the holding company’s decision and its impact on business activities in the country.  “Unlike a number of other countries globally, India continues to rely on coal for base load power,” GEPIL said in response to FE’s queries.

“GEPIL will therefore continue to focus its efforts on maintaining its business in India aligned with the local market dynamics and the national interests of India,” it said, indicating that the company’s transaction with coal is not yet over, at least in India. GEPIL shares closed at `442.1 on Tuesday, 5.7% lower than Monday’s peak when the announcement was made.

Though questions are being raised regarding the future of coal-based power plants with the rising share of renewable energy, senior GEPIL officials had earlier told FE that this is the best time to upgrade thermal power plants to integrate intermittent renewable energy smoothly in the grid. With 175 giga watt of renewable energy expected to come up by 2023, thermal plants will have to be upgraded to enable them go online and offline much faster to accommodate unpredictable power sources.

Currently, GEPIL is executing around 25.2 GW emissions control projects and around 32 GW of boilers projects for power plants across the country.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1A long way for ‘desi’ dream: Inside story of Indian app store and fight against Google
2IL&FS to address over 50% of Rs 99k crore debt by March, 2021
3Cut-throat competition: After customers, now dealers make most of telecom rivalry