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4-Traders Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

Delayed Quote. Delayed  - 07/27 10:00:15 pm
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General Electric Company : GE Gas Turbine Technology to Generate Cleaner, Reliable Power for Indonesia’s Batam Island

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02/28/2013 | 03:54pm CEST

JAKARTA, INDONESIA-February 28, 2013-GE (NYSE: GE) has supplied two Frame 6B 3-series gas turbine-generators for the UBE Batam Power Plant, which will help to reduce power generation costs and support future economic growth for Batam, an industrial island south of Singapore. Owned by PT Medco Power Indonesia through its subsidiary, the new gas-fired facility will increase the island's electricity supply and reduce its dependency on oil-fired power generation.

GE shipped the equipment at the end of 2012 and the new facility is expected to begin commercial service in simple cycle in early 2014. The UBE Batam power project supports the regional government's commitment to meet the island's growing power needs with cleaner and more efficient power. The new plant boosts Medco Power's power generation capacity for Batam Island by 20 percent, adding approximately 80 megawatts of power while enabling a switch from fuel oil to gas fuel, a cleaner and more cost-effective option. The plant will operate on natural gas supplied from West Natuna in Indonesia.

"Installing GE's gas turbine technology at our UBE Batam Power Plant will enable us to use more of Indonesia's cleaner domestic natural gas resources in place of oil to help strengthen the country's energy security and economy while also reducing Batam's emissions from power generation," said Fazil E. Alfitri, president director of PT Medco Power Indonesia.

"GE's Frame 6B 3-series gas turbine is one of the most reliable heavy-duty gas turbines in the world, with more than 1,200 installed and 60 million operating hours in a wide range of applications," said Paul Browning, president and CEO Thermal Products, GE Power & Water. "This machine offers proven reliability and a lower cost of generating electricity compared to older, oil-fired steam turbine plants. Due to its fuel flexibility and ability to accept large transients, low cost per horsepower and high horsepower per square meter, the 6B 3-series gas turbine is an excellent fit for island grids like the Batam project."

Since 1984, GE has shipped 33 6B 3-series gas turbines to Indonesia for industrial cogeneration, combined-cycle or peaking operations.

The new project marks the second deal between GE and Medco Power; previously, GE provided a TM2500 gas turbine for another project on Batam Island.

PT Medco Power Indonesia was founded in 2004 and is based in Jakarta, Indonesia. It operates as a subsidiary of PT Saratoga Power and PT Medco Energi Internasional tbk, a major operator in Indonesia's oil and gas sector.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

About GE Power & Water

GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar, biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world's most complex challenges related to water availability and quality. Power & Water's six business units include Distributed Power, Nuclear Energy, Power Generation Services, Renewable Energy, Thermal Products and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE's largest industrial business.

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Financials ($)
Sales 2016 125 827 M
EBIT 2016 19 082 M
Net income 2016 12 597 M
Debt 2016 83 216 M
Yield 2016 3,01%
P/E ratio 2016 23,95
P/E ratio 2017 19,30
EV / Sales 2016 2,95x
EV / Sales 2017 2,59x
Capitalization 287 640 M
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Average target price 33,7 $
Spread / Average Target 7,8%
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Jeffrey R. Immelt Chairman & Chief Executive Officer
Shane Fitzsimons Senior Vice President-Global Operations
Jeffrey S. Bornstein Chief Financial Officer & Senior Vice President
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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