General Electric (GE) Arm Wins Rotorpoles Deal in Norway
General Electric Company GE arm GE Vernova’s Hydro Power business recently secured a deal from Hafslund Eco to supply rotorpoles for Norway-based Aurland 1 hydropower plant’s 3x 280 MW / 300 MVA water-cooled generators.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Hydro Power business has already delivered components for various projects in Norway and other countries.
The Aurland 1 hydropower plant was constructed between 1969 and 1989. The facility is Hafslund Eco’s biggest power plant. It also ranks as the third largest hydropower plant in Norway with 840-megawatt capacity.
Per the deal, GE will replace rotorpoles on the three water-cooled generators located at the plant. General Electric’s rotorpoles will enhance the efficiency and lifespan of the generators for decades to come. The services activities are likely to be over between the summer of 2025 and the summer of 2027.
The Rotorpoles will be assembled in GE’s Lier-based Norway Services Workshop. Also, by merging the water-cooled generator service with the expected refurbishment program of the hydropower plant in the same time frame, Hafslund Eco is positioned to optimize the downtime of the facility.
Price Performance
Shares of GE have increased 31.1% against the industry’s 1.9% decline in the year-to-date period.
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Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:
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GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average. In the past 60 days, Griffon’s earnings estimates have increased 12.5% for fiscal 2023. The stock has surged 11.9% in the year-to-date period.
Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6.3%. The stock has improved 25.1% in the year-to-date period.
Alamo Group Inc. ALG currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has increased 29.9% in the year-to-date period.
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