WIND GIANT GE DEALING

General Electric Cutting Wind Deals at Home, China; General Electric notches 1 more deal to add to growing list at home and in China
January 12, 2010 (AP via ABC News)

"General Electric announced another wind turbine deal…the latest in a string of supply contracts as the U.S. and China push alternative energy.

"GE will supply 88 turbines for three new wind projects in China's Hebei and Shanxi Provinces with the country on pace surpass the U.S as the world's largest wind market. Yet the deal comes almost exactly one month after GE landed a $1.4 billion contract to supply turbines at a massive Oregon wind farm project."

An industry standard (click to enlarge)

"A spate of deals shows how GE has benefited from a drive by both Chinese and American governments to reduce their reliance on oil and coal.

"President Barack Obama this month announced $2.3 billion in tax credits to create some 17,000 "green" jobs…The money is being divided among solar, wind and energy management companies, but companies like GE are well positioned to take advantage."

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"Chinese companies have made inroads into the U.S., announcing numerous supply deals, and U.S. and European companies have done the same in China…GE has committed to supply 895 units of 1.5-megawatt wind turbines to China. The country plans to add 150 gigawatts of installed wind power capacity by 2020 and aims to increase power generation from renewable sources to 15 percent of the nation's total by 2020.

"…The [newest GE/China deal] will add 132 megawatts of installed wind power capacity…"