General Electric (GE) is racing to keep pace with seismic shifts in the global energy industry as demand for power rises more slowly than in the past, owing to the improved efficiencies of appliances and commercial buildings increasingly engineered to save electricity. Power demand growth in China, for instance, has slowed to less than 2% a year since 2012 from 8% a year from 2000 to 2012. The long-term demand for renewable energy is growing globally. By 2024, solar and wind energy technology is expected to attract two-thirds of global investment in power plants and account for as much as 40% of total power generation by then, according to the International Energy Agency. As renewables take hold, natural gas is likely to be pushed from a primary role to a supporting role when the wind does not blow and the sun does not shine. The company produces wind turbines, but is facing significant price pressure from competitors, particularly in China.
Contact Sherwin Harris, GE Power Systems, Tel 064 880-1961, firstname.lastname@example.org
Source: EE plublishers