General Electric sees huge growth in clean energy business

GE Energy, a business unit of the General Electric Company (GE), announced on May 16th that it expects its 2005 revenues for wind energy to exceed $2 billion, a 300 percent increase over 2002, its first year of wind energy operations. GE Energy has received order and commitments for 2,400 megawatts of new wind power capacity worldwide, including 1,650 megawatts in the United States. That represents two-thirds of the new wind capacity to be installed this year, according to the latest projection by the American Wind Energy Association (AWEA). See the GE press release.

The success of its wind energy business may be one of the driving forces for "ecomagination," a GE initiative announced on May 9th that includes a doubling of the company's investments in research and development for clean energy. By 2010, GE intends to invest $1.5 billion annually in cleaner technologies, up from $700 million in 2004. GE also intends to double its revenues from environmentally preferable products, including (but not limited to) wind and solar energy, technologies and materials that make energy production and consumption more efficient, and cleaner and more efficient transportation technologies. GE also intends to increase its energy efficiency and reduce its greenhouse gas emissions by 1 percent by 2012. At currently projected growth rates, the company's greenhouse gas emissions would increase 40 percent by 2012 without energy efficiency improvements. See the GE press release.

Although wind power is booming this year, the industry saw slow growth in the United States in 2004, with only 389 megawatts of new wind capacity installed. That in turn caused little change in AWEA's annual ranking of the top states for wind power capacity as well as the largest wind facilities, the leading wind power owners, the top manufacturers, and the utilities that buy the most wind power. California and Texas continued to lead the states in wind power capacity in 2004.

More News:

  • IChemE Introduces New Academic Journal

    Sustainable Production and Consumption (SPC), a new academic journal from the Institution of Chemical Engineers (IChemE), in partnership with Elsevier, will launch in 2015 and focus on the importance of sustainability in sectors as diverse as retail, tourism, transport, health, food, energy, construction and the chemical and process industries.

  • Eastman Completes Taminco Acquisition

    Eastman Chemical Company completed its acquisition of specialty chemical producer Taminco Corporation.

  • Vertellus Acquires Dow SBH Business

    Vertellus, a producer of specialty chemicals for the life sciences sector and other industrial applications, signed a definitive agreement to acquire the sodium borohydride (SBH) business, including associated assets, from The Dow Chemical Company.

  • Energy Dept. Awards Pitt Grant To Improve Power Plant Safety

    The U.S. Department of Energy has tapped the University of Pittsburgh’s Swanson School of Engineering to help improve nuclear power plant safety.

  • NABE Forecasts Accelerated Economic Growth In Coming Year

    Economic growth is expected to accelerate in 2015, according to the December 2014 Outlook Survey from the National Association for Business Economics (NABE).

  • CHF Exhibit Features 15th Century Alchemical Manuscripts And Art

    Books of Secrets: Writing and Reading Alchemy, a new exhibit of alchemical art and documents, opened December 5 in the Museum at the Chemical Heritage Foundation (CHF).

  • AIChE Honors Stuart L. Cooper With Founders Award

    The American Institute of Chemical Engineers (AIChE) presented the Founders Award for Outstanding Contributions to the Field of Chemical Engineering, to Stuart L. Cooper, professor and chair of the Department of Chemical and Biomolecular Engineering at The Ohio State University.

  • Economic Reports Show Positive Week

    Economic reports were positive this week for the most part, according to Weekly Chemistry and Economic Trends report from the American Chemistry Council.

  • ACS Names New Executive Director

    Retiring DuPont executive will take helm

  • AkzoNobel Investigates Raw Material Production From Sugar Beet

    AkzoNobel joined forces with SuikerUnie, Rabobank, Deloitte, Investment and Development Agency for the Northern Netherlands (NOM), Groningen Seaports, and the Province of Groningen, to investigate the possibility of producing chemicals from beet-derived sugar feedstock

All news »

What are your comments?

Join the discussion today. Login Here.


No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments