News

Published on 15 Jan 2024 on Zacks via Yahoo Finance

General Electric (GE) Upgrades Sabiya Power Plant in Kuwait


Article preview image

General Electric Company’s GE unit, GE Vernova’s Gas Power business, together with Alghanim International, has completed upgrading four 9F.03 class gas turbine units at the Sabiya combined cycle power plant in Kuwait.GE Vernova is the combined operation of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).Based in Al Jahra, the Sabiya facility is the largest power plant in the region, with a capacity of 2 gigawatts. The power plant, owned by the Ministry of Electricity, Water and Renewable Energy, houses six GE 9F.03 gas turbines and three D11 steam turbines.Per the multiyear service deal between GE and Alghanim, GE Vernova was involved in upgrading the Advanced Gas Path solution for the four 9F.03 turbines in blocks 2 and 3 at the power plant. GE will also be responsible for providing supply and maintenance services for the turbine units for seven years.This collaboration is likely to boost the Sabiya plant’s block output by 6.3% and lower the heat rate by 1.8%. It is worth noting that this upgrade will add 70 megawatts (MW) to the plant’s power generation capacity without requiring any additional fuel. The APG upgrade will aid in catering to the increasing power demand in Kuwait by providing flexible and efficient power solutions.Earlier, General Electric modernized two gas turbine units in the Sabiya facility’s Block 1, which boosted the plant output by 6% and added more than 35 MW of power generation capacity without using additional fuel.

Zacks Rank and Price Performance

General Electric currently carries a Zacks Rank #3 (Hold).The company is benefiting from the strong performance of the Aerospace segment due to robust demand and the solid execution of commercial engines and services. After months of softness, a rebound in demand in the Power segment augurs well for General Electric.In the past year, the stock rose 59% against the industry’s 7% decline.

NASDAQ.JFU price evolution

Want to become a better investor?

Start tracking your investments with Statfolio

Sign up for free
Related News
General Electric (GE) Upgrades Sabiya Power Plant in Kuwait

General Electric Company’s GE unit, GE Vernova’s Gas Power business, together with Alghanim Inter...

Zacks via Yahoo Finance 15 Jan 2024

Even after rising 25% this past week, 9F (NASDAQ:JFU) shareholders are still down 89% over the past...

9F Inc. (NASDAQ:JFU) shareholders will doubtless be very grateful to see the share price up 52% i...

Simply Wall St. via Yahoo Finance 21 Jul 2023

9F Inc. (NASDAQ:JFU) Held Back By Insufficient Growth Even After Shares Climb 44%

Those holding 9F Inc. (NASDAQ:JFU) shares would be relieved that the share price has rebounded 44...

Simply Wall St. via Yahoo Finance 19 Apr 2023

General Electric (GE), IHI to Make Ammonia-Based Gas Turbine

General Electric Company GE arm GE Gas Power has signed a Memorandum of Understanding (MOU) with ...

Zacks via Yahoo Finance 19 Jan 2023

General Electric (GE) Cloud-based Software Chosen by ELPEDISON

General Electric Company’s GE business unit GE Digital announced that its cloud-based Asset Perfo...

Zacks via Yahoo Finance 15 Dec 2022

9F Inc.'s (NASDAQ:JFU) market cap dropped US$17m last week; Individual investors bore the brunt

A look at the shareholders of 9F Inc. (NASDAQ:JFU) can tell us which group is most powerful. And ...

Simply Wall St. via Yahoo Finance 21 Oct 2022

General Electric's (GE) Arm to Provide Power Services in Iraq

General Electric Company’s GE arm GE Gas Power has secured a 16-year deal from Taurus Arm to supp...

Zacks via Yahoo Finance 15 Sep 2022

9F (NASDAQ:JFU) shareholders have endured a 55% loss from investing in the stock a year ago

The nature of investing is that you win some, and you lose some. Unfortunately, shareholders of 9...

Simply Wall St. via Yahoo Finance 30 Jul 2022

Armstrong World (AWI) Joins Price Industries, Boosts Innovation

To maintain its position as a leading manufacturer of sustainable ceiling and wall solutions, Arm...

Zacks via Yahoo Finance 11 Jul 2022

Investors in 9F (NASDAQ:JFU) have unfortunately lost 20% over the last year

The simplest way to benefit from a rising market is to buy an index fund. Active investors aim to...

Simply Wall St. via Yahoo Finance 20 Oct 2021