General Electric Co won the most orders in the sharply contracting market for ne...
NEW YORK - General Electric Co won the most orders in the sharply contracting market for new gas-fired power plants in the first quarter, according to people familiar with the matter.
But GE faces rising competition, complicating new Chief Executive Larry Culp’s efforts to turn around the company’s ailing power unit. Demand for gas turbines has fallen by half since 2014 as utilities rely more on wind, solar and power conservation. GE’s share is shrinking. It ranked second for advanced turbine orders in 2018 and is shutting manufacturing sites and laying off workers to reduce costs.
Power was once GE’s largest unit, but it has been a drag on the company’s earnings. GE lost $22.8 billion last year due to a $22 billion write-down of power assets and an $872 million operating loss in its power unit.
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