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GE said Monday that it intended to “exit the new build coal power market,” in a move that will see the industrial powerhouse place a renewed emphasis on renewable energy.
Over the years, GE has been deeply involved with the coal industry. Its website states it has 100 years of “coal-fired power service expertise” spread across more than 90 original equipment manufacturer brands. It has also described its GE Steam Power division as the number one “steam and coal power franchise.”
But Russell Stokes, GE senior vice president and president and CEO of GE Power Portfolio, said in a statement that the company was “focused on power generation businesses…