GE’s Largest Industrial Acquisition Creates New Power Division

SCHENECTADY, N.Y. (Nov. 2, 2015) – GE has announced that with the completion of its Alstom acquisition, GE Power & Water and Alstom Power have combined to form GE Power. Headquartered in Schenectady, New York, Steve Bolze will serve as president and CEO of GE Power, leading more than 65,000 employees in more than 150 countries with estimated revenue of $30 billion. “We now offer utility and industrial power plant operators even more complete, customized ‘one-stop shop’ solutions—not just for developing new stations but also optimized life cycle support for existing facilities to support local energy security. Our portfolio of technologies include the world’s largest and most efficient gas turbine—the HA, full power plant components, boilers, steam turbines, reciprocating engines and more,” Steve Bolze said. “Being a digital industrial business, we also offer digital and software solutions—specifically our Digital Power Plant, which helps our customers increase output, improve efficiency, lower operating costs, improve integration of renewable energy and reduce unplanned downtime.” The completion of the acquisition of Alstom’s power and grid businesses follows the regulatory approval of the deal in more than 20 countries and regions including the EU, U.S., China, India, Japan and Brazil. It is GE’s largest-ever industrial acquisition. GE reached an agreement with Alstom in 2014 to purchase Alstom’s power and grid businesses. The overall economics and strategic rationale remain the same as GE announced in April 2014. “The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation,” said Jeff Immelt, chairman and CEO, of GE. “The complementary technology, global capability, installed base and talent of Alstom will further our core industrial growth. We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers.” Customers will realize benefit from the combination of GE and Alstom, including these current projects:

• PSEG Sewaren (New Jersey combined cycle power plant): GE 7HA gas turbine + Alstom heat recovery steam generator (HRSG)
• Punjab Pakistan Bhikki (Pakistan combined cycle power plant): two GE 9HA gas turbines +
• Alstom steam turbine Exelon Power Plants (Texas power projects): four GE 7HA gas turbines + four Alstom HRSGs
• Chempark (Leverkusen, Germany combined heat and power project): GE 9HA gas turbine.

In addition, GE and Alstom are both preferred bidders for a combined cycle plant project in Asia that would use two GE 7HA gas turbines, two Alstom HRSGs and one Alstom steam generator, and Alstom is the preferred bidder for Arabelle steam turbines in two UK nuclear reactors; the preferred bidder for boilers, steam turbines and generators for a clean coal project in the Middle East; and has successfully delivered India’s first 800 kV High Voltage Direct Current (HVDC) power transformer for the ChampaKurukshetra project. GE has also completed the sale of its rail signaling business to Alstom. GE Power is a provider in power generation with domain expertise to help customers deliver electricity from a wide spectrum of fuel sources.