Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

General Electric Company : GE Steam Turbines to Boost Output, Efficiency at SEC PP10 Power Plant; a Key to Meeting Saudi Arabia’s Growing Power Demands

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/27/2012 | 04:50pm CEST
27 March 2012

GE Steam Turbines to Boost Output, Efficiency at SEC PP10 Power Plant; a Key to Meeting Saudi Arabia's Growing Power Demands

  • Nearly $200 Million Contract for New Units will Convert Facility from Simple to Combined-Cycle
  • Project to Increase Plant Capacity by More than 50 Percent and Add 1,300 Megawatts to the Saudi Grid
  • Demonstrates GE Commitment to Support SEC in Meeting the Kingdom's Growing Energy Requirements

RIYADH, SAUDI ARABIA-March 27, 2012-GE (NYSE: GE) has received a contract for nearly $200 million to supply steam turbine technology, power generation services and distributed control systems for the conversion of Saudi Electricity Company's (SEC) PP10 power plant from simple to combined-cycle operation. The project will add 1,300 megawatts to the plant's capacity to support the growing power requirements of Saudi Arabia's central region and help the Kingdom meet summer peak demands.

"The conversion to combined-cycle operation is part of our growth plan to add an average of 4,000 megawatts of power each year, with a vision of doubling the grid capacity by the year 2020," said Eng. Ali Saleh Al Barrak, president and CEO for SEC. "This new contract reflects our continued trust in GE's technology solutions and ability to respond to our power generation requirements. In addition to increasing plant capacity by more than 50 percent, from about 2,200 to 3,500 megawatts, the conversion will raise overall plant efficiency."

"This new agreement is testimony to our growing relationship with SEC and reflects our continued commitment to deliver tailored technology solutions to the Saudi energy sector," said Joseph Anis, GE Energy's president and CEO for the Middle East. "As the Kingdom's energy technology partner, we take pride in supporting SEC's goal to meet the Kingdom's growing power demand with efficiency enhancing solutions that also are flexible and scalable."

GE will now provide 10 of its SC series steam turbines specifically for the PP10 combined-cycle expansion. GE previously supplied 40 7EA Gas Turbines for the PP10 site. The combined-cycle conversion enables the plant to increase its output without any increase in fuel, boosting its operating efficiency.

In addition to the SC series steam turbines, GE will supply new balance-of-plant mechanical and electrical equipment. An existing simple-cycle Mark* Vle integrated control system (ICS) will be expanded to incorporate the entire combined-cycle plant. GE power generation services will include installation, testing, commissioning and completing the combined-cycle conversion.

Shipment of the GE equipment is scheduled to begin in the first quarter of 2013, with services to start in the second quarter of that year. The first two combined-cycle blocks at PP10 are scheduled to begin commercial operation in the second quarter of 2014, in time to meet summer peak demands, while the full combined-cycle plant will be online by the first quarter of 2015.

The Riyadh PP10 site recently entered commercial operation in simple-cycle mode and is adding about 2,000 megawatts to Saudi Arabia's grid to support the country's electricity demand and increase the power capacity in SEC's Central Operation Area by 20 percent.

Building on a successful 40-year-old relationship, GE's on-time delivery of the Frame 7EA gas turbines for the Riyadh PP10 site enabled SEC to provide reliable electricity for the Riyadh Central grid. GE's Mark VIe ICS installed at PP10 is improving overall plant reliability and will deliver operational and maintenance efficiency over the generating life of the power plant. The Riyadh PP10 site is currently the biggest installation worldwide for GE's Mark VIe ICS.

With nearly 80 years of experience and 1,000 employees in Saudi Arabia, GE is expanding its energy presence in the Kingdom through knowledge-sharing initiatives and increased investments for technology centers that provide service repair support and customer training in the power, water and oil and gas sectors. GE recently inaugurated its newest technology center in Dammam, the GE Energy Manufacturing Technology Center. The $250 million facility consists of three main components-an advanced service technology center, a training center offering the latest in technical and managerial training as well as a high technology manufacturing hub for energy equipment dedicated to the entire energy value chain. Today, GE supports the generation of half the Kingdom's electricity with more than 500 GE turbines installed at various sites around Saudi Arabia.

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.

GE Energy works connecting people and ideas everywhere to create advanced technologies for powering a cleaner, more productive world. With more than 100,000 employees in over 100 countries, our diverse portfolio of product and service solutions and deep industry expertise help our customers solve their challenges locally. We serve the energy sector with technologies in such areas as natural gas, oil, coal and nuclear energy; wind, solar, biogas and water processing; energy management; and grid modernization. We also offer integrated solutions to serve energy- and water-intensive industries such as mining, metals, marine, petrochemical, food & beverage and unconventional fuels.

Follow GE Energy on Twitter @GE_Energy.

*Trademark of the General Electric Company.

PRESS CONTACTS
Lamia Jaroudi
GE Energy
+9714 429 6559
+971 50 189 3075(mobile)
[email protected]

Joanne Grybosh
+1 518 385 9277
[email protected]

Ken Darling
Masto Public Relations
+1 518 786 6488
[email protected]

Howard Masto
Masto Public Relations
+ 1 518 786 6488
[email protected]

GE news
Masto Public Relations
[email protected]

distributed by

This press release was issued by GE - General Electric Company and was initially posted at http://www.genewscenter.com/Press-Releases/GE-Steam-Turbines-to-Boost-Output-Efficiency-at-SEC-PP10- Power-Plant-a-Key-to-Meeting-Saudi-Arabia-s-Growing-Power-Demands-373e.aspx . It was distributed, unedited and unaltered, by noodls on 2012-03-27 16:42:39 PM. The issuer is solely responsible for the accuracy of the information contained therein.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL ELECTRIC COMPANY
05/25 GENERAL ELECTRIC : An Application for the Trademark "MIX DIRECTOR" Has Been File..
05/25 GENERAL ELECTRIC COMPANY : 's Trademark Application for "MYPLANT" Filed
05/25 GENERAL ELECTRIC : NPA's seizure of 156m euros equipment stalls 245MW power plan..
05/25 GENERAL ELECTRIC : MILITARY $8.58 Million Federal Contract Awarded to General El..
05/25 Alok Maskara Named as Next Chief Executive Officer of Luxfer Group
05/25 GENERAL ELECTRIC : GE East Africa Digital Roadshow
05/25 GENERAL ELECTRIC : FG Concessions Rail Lines to GE, Multinational to Invest over..
05/24 U.S. Patents Awarded to Inventors in Massachusetts (May 24)
05/24DJGENERAL ELECTRIC : GE Will Need More Cost Cuts to Hit 2018 EPS Goal, CEO Says
05/24 GENERAL ELECTRIC : Invenergy selects GE Renewable Energy to Provide Cyber Securi..
More news
Sector news : Industrial Conglomerates
05/25 EXCLUSIVE : Bankrupt Westinghouse ends pensions for ex-CEOs, executives
05/24 E I DU PONT DE NEMOURS AND : Loeb sees $20 billion more value from Dow-DuPont me..
05/24DJDOW CHEMICAL : Dan Loeb to Call for Changes to Dow-DuPont Post-Merger Plan--Upda..
05/24DJDOW CHEMICAL : Dan Loeb to Call for Changes to Dow-DuPont Post-Merger Plan -- Up..
05/24DJHoneywell to Decide on Spinoff by the Fall -- WSJ
More sector news : Industrial Conglomerates
News from SeekingAlpha
05/25 THE GOOD BUSINESS PORTFOLIO : 2017 1st Quarter Earnings And Performance Review
05/25 General Electric Company (GE) Presents At Electrical Products Group 2017 Annu..
05/25 GE's backing off $2 EPS framework no surprise to Deutsche Bank analyst
05/25 GE-Saudi JV to start gas turbine production this year, exec says
05/25 The No-Brainer Way To Beat SPY
Advertisement
Financials ($)
Sales 2017 125 725 M
EBIT 2017 18 164 M
Net income 2017 12 802 M
Debt 2017 35 615 M
Yield 2017 3,52%
P/E ratio 2017 18,92
P/E ratio 2018 15,78
EV / Sales 2017 2,18x
EV / Sales 2018 2,09x
Capitalization 238 722 M
More Financials
Chart GENERAL ELECTRIC COMPANY
Duration : Period :
General Electric Company Technical Analysis Chart | GE | US3696041033 | 4-Traders
Full-screen chart
Technical analysis trends GENERAL ELECTRIC ...
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 32,1 $
Spread / Average Target 17%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
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
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL ELECTRIC COMPA..-10.51%238 722
SIEMENS AG7.83%119 849
3M CO11.74%119 173
HONEYWELL INTERNATIONA..14.06%101 963
E I DU PONT DE NEMOURS..5.44%67 100
ILLINOIS TOOL WORKS IN..14.73%48 536
More Results