General Electric (GE) has announced plans to stop building new coal power plants.
The move comes as a result of the company’s decision to focus on renewable sources of power generation.
The US conglomerate said the plan for the exit from the new-build coal power market may involve divestitures, site closings and job cuts as it continues to work with customers on existing obligations.
Russell Stokes, GE Senior Vice President and President and CEO of GE Power Portfolio said, “With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory.
“As we pursue this exit from the new-build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise.”