GE Dumps Coal Power and Pivots to Wind
Just a few years ago, General Electric's (NYSE: GE) fossil-fuel-dependent power segment was one of the company's two flagship businesses. Adjusted for some segment shifts, GE Power reported revenue of $36.8 billion and a $5.1 billion operating profit in 2016.
However, operational missteps, changing market conditions, and divestitures have caused the power division to shrink significantly since then. Instead, the industrial conglomerate has looked to its renewable energy unit for sustainable growth in building and servicing energy generation facilities. That transition took a big step forward last week.
Image source: General Electric.
Source Fool.com
