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GE Cuts 12,000 Jobs In Response To Falling Demand For Fossil Fuel Energy (qz.com)
In response to the drop in demand for fossil fuel energy, General Electric -- the world's largest maker of gas turbines -- announced plans to cut 12,000 jobs. Quartz reports: Those cuts will mostly come from GE's power division, which makes energy-generation technologies. The reduction will account for 18% of the division's workforce and affect both professional and production employees, the company said in a statement. The majority of job losses will occur outside the U.S., Bloomberg reports. In a statement, Russell Stokes, the division's president and CEO, said disruptions to the power market were "driving significantly lower volumes in products and services." Demand for GE's power-generation equipment has stalled in part because of renewable energy growth, says Robert McCarthy, an analyst at Stifel Financial.
The move is part of a larger restructuring effort under GE's new chief executive John Flannery, who has faced immense pressure to regain the company's footing since taking the helm in June of this year. GE's stock price plunged 44% this year, the worst performer on the Dow, according to Bloomberg. The company aims to cut $3.5 billion of expenses across its divisions by the end of 2018, including a $1 billion cut from the power division.
The move is part of a larger restructuring effort under GE's new chief executive John Flannery, who has faced immense pressure to regain the company's footing since taking the helm in June of this year. GE's stock price plunged 44% this year, the worst performer on the Dow, according to Bloomberg. The company aims to cut $3.5 billion of expenses across its divisions by the end of 2018, including a $1 billion cut from the power division.
A large part of General Electric's power division consists of the former power division of Alstom that was bought by GE in 2015 for € 12.4 billion. Alstom may have made a much better deal than it seemed at the time.
Maybe Asia, but solar is offline across NA, SA, Europe, Africa and Australia for most of the night, as they don't span enough of the solar footprint - especially in winter months.
And yet they have solar installations even in Alaska, where the nights get pretty long. Obviously it isn't much use in the dark months, but they save a lot of money, and conserve their diesel fuel for the times its desperately needed.
The technical issues of utilizing solar are largely overrated, and shrinking constantly.
The shepherds did so well protecting the flock that the sheep no longer believed that wolves existed.