Powering Jeju Island: Doosan & Alstom Acquisitions Help Secure GE’s Total Power Island Order in Asia

SEOUL, KOREA-September 20, 2016- GE's power island will literally power an island - Jeju Island that is! GE Power, a division of GE (NYSE: GE), today announced the first order of its power plant island solution in Asia - an offering enabled by GE's acquisition of Alstom - and the first global use of heat recovery steam generator (HRSG) technology acquired through GE's purchase of Doosan's Engineering & Construction HRSG business, which closed last month. Under the $140 million contract with Korea Midland Power Company (KOMIPO), GE's combined cycle power plant solution will include the full suite of equipment, controls and maintenance parts for the 250 megawatts (MW) combined cycle power plant located in Jeju Island, Korea.

'This first power island scope project in Asia is a milestone for GE, and it demonstrates the significant added customer value and expanded capabilities we can provide thanks to GE's acquisition of both Alstom and Doosan HRSG,' said Mr. Woonsik Ha, president and CEO of GE Power in Korea. 'We just closed on the Doosan HRSG transaction in August, and we already are seeing the tremendous benefits. It is fitting that this first order is taking place in the country of the HRSG deal's origin.'

GE will provide two 6F.03 gas turbines, steam turbines and HRSGs, in addition to four generators. This total power island scope utilizes some of the most advanced technology available today and showcases the advantages of technology integration that the HRSGs provides. GE's HRSG units are cost-effectively designed to allow owners to reduce the cost of electricity, boost performance, increase reliability, reduce emissions and enhance flexibility. When complete in 2017, this will be the largest and most efficient power plant on Jeju Island, which is the largest tourism attraction in South Korea. The plant's 250MW output is equivalent to what would be needed to supply about 600,000 Korean homes.

This marks GE's fifth power project with KOMIPO and its first power island scope with the company.

'GE's state-of-art technology and full-solution capabilities made them the right choice for our project needs,' said Mr. Changkil Chung, president and CEO of KOMIPO. 'The 250MW Jeju combined cycle power plant will provide reliable and efficient electricity to address Jeju Island's increasing power needs and contribute to its further growth.'

About HRSG & Combined Cycle Solutions

HRSG technology is a critical component of a combined cycle power plant. Capturing the exhaust heat from the gas turbine, water is converted into steam, which is then used to drive a steam turbine to produce additional power output without additional fuel. HRSG technology is critical to the efficiency of a combined cycle plant and can help generate up to 33 percent of the power output of the plant.

About GE

GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the 'GE Store,' through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

About GE Power

GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.

For more information, visit the company's website at www.gepower.com and follow us on Twitter @GE_Power.