General Electric (GE) Unit to Elevate Coryton Facility in UK
General Electric Company’s GE arm, GE Vernova’s Gas Power business secured a contract from U.K.-based independent power producer company InterGen to upgrade the latter’s 800 megawatts (MW) Coryton power plant. The Coryton facility is located 30 miles east of London, UK.
GE Vernova is the combined operations 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).
The Coryton power plant is powered by two GT26 gas turbines. Per the deal, GE will supply the high-efficiency (HE) upgrade for the existing GT26 gas turbine technology. The HE upgrade uses advanced technology across gas turbines, compressors and combustors that will increase Coryton facility’s power output capacity by roughly 77 MW. It will also boost the performance of the existing two gas turbines by combining GE’s H-Class and F-Class fleets with additional manufactured parts.
The upgradation will increase the efficiency of the Coryton power plant and will reduce its maintenance requirement. It will also decrease carbon discharge by about 67,500 tonnes every year which supports the U.K. government’s goal to reduce the country’s carbon footprint.
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The HE upgrade will be installed in 2025. When completed, this will mark GE’s tenth HE upgrade.
Zacks Rank & Stocks to Consider
GE currently carries Zacks Rank #4 (Sell). Some better-ranked companies are discussed below:
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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 surged 27.2% in the year-to-date period.
Axon Enterprise AXON sports a Zacks Rank of 1, at present. The company has a trailing four-quarter earnings surprise of 44.4%, on average.
In the past 60 days, estimates for Axon’s 2023 earnings have increased 12.6%. The stock has rallied 13.3% in the year-to-date period.
Griffon Corporation GFF carries a Zacks Rank #2 (Buy) at present. GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average.
In the past 60 days, Griffon’s earnings estimates have increased 5% for fiscal 2023. The stock has increased 12.4% in the year-to-date period.
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