General Electric (GE) Unit Wins Gas Turbine Order in China
General Electric Company’s GE unit, GE Vernova’s Gas Power business has recently secured two orders from Royal Golden Eagle Group’s subsidiary East Asia Power (Yangjiang) Co., Ltd. and Beijing Energy International Holding Co., Ltd. (BJEI) to deliver four units of 6F.03 gas turbines.
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).
Per the deal, GE will deliver two units of 6F.03 gas turbines to East Asia Power for its Yangjiang High-Tech Zone Natural Gas Combined Heat and Power (CHP) Plant and other two units for BJEI’s Yangjiang Yangxi Natural Gas CHP Project. The Yangjiang CHP Plant will be powered by GE turbines and will cater to the electricity needs of the Yangjiang High-Tech Zone Natural Gas business hub.
One, out of the two 6F.03 gas turbine units, is expected to begin operation in December 2024, while the other one will be functional in the first quarter of 2025. Per the contract, General Electric will also provide services to the power plant for the next 15 years. Powered by the two GE gas turbine units, Yangjiang Yangxi CHP Project’s new cogeneration plant will deliver up to 240 megawatts (MW) of power to boost the construction work of the Zhongshan Torch Industrial Transfer Park of Yangjiang.
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The four 6F.03 gas turbine units have a combined capacity of delivering 480 MW of energy to the grid. When operational in early 2025, the GE turbines will supply steady power and heat to China’s Yangjiang City. It will also support the greater bay area’s transition from coal to gas energy.
Zacks Rank & Other Stocks to Consider
GE currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked companies are discussed below:
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CAT’s earnings surprise in the last four quarters was 18.5%, on average. In the past 60 days, estimates for Caterpillar’s earnings have increased 10.3% for 2023. The stock has gained 37.2% in the past year.
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In the past 60 days, estimates for A. O. Smith’s earnings have increased 2.9% for 2023. The stock has gained 14.5% in the past year.
Alamo Group Inc. ALG presently carries a Zacks Rank of 2.ALG’s earnings surprise in the last four quarters was 13%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 1.1%. The stock has gained 25.3% in the past year.
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