U.S. markets open in 8 hours 28 minutes
  • S&P Futures

    -5.50 (-0.11%)
  • Dow Futures

    -41.00 (-0.11%)
  • Nasdaq Futures

    -45.25 (-0.26%)
  • Russell 2000 Futures

    +0.90 (+0.04%)
  • Crude Oil

    +0.09 (+0.12%)
  • Gold

    +2.70 (+0.13%)
  • Silver

    +0.06 (+0.28%)

    +0.0005 (+0.04%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    +0.71 (+4.83%)

    +0.0008 (+0.06%)

    +0.0640 (+0.04%)
  • Bitcoin USD

    -53.41 (-0.10%)
  • CMC Crypto 200

    0.00 (0.00%)
  • FTSE 100

    -9.29 (-0.12%)
  • Nikkei 225

    -109.97 (-0.29%)

General Electric (GE) to Upgrade Cushman II Hydropower Plant

General Electric Company’s GE unit GE Vernova’s Hydro Power business has been selected by Tacoma Power to renovate the Cushman II hydropower plant’s two 27 MW/33 MVA turbine and generator units. The facility has three turbine and generator units in total.

GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Hydro Power business creates state-of-the-art technologies, which use the power of water to deliver reliable energy to some of the world's largest economies and remote communities.

Located in Washington, the Cushman II hydropower plant was commissioned in 1930. The power plant has the capacity to produce 81 megawatts of power and can supply renewable energy to approximately 40,500 houses in the north-west.

Per the deal, GE will design, manufacture, restore, install and commission new generator stators at the Cushman II facility. The company will also renovate the generator rotor poles, shaft thrust bearing, two new turbine distributors, turbine runner and draft tube.

The hydropower plant project is likely to finish in 2026. When upgraded, the units will boost the availability and reliability of the power plant and will supply green energy to the grid for another 100 years.

Price Performance

In the past year, the GE stock has surged 40.4% against the industry’s 8.1% decrease.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank & Other Stocks to Consider

General Electric currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies have been discussed below.

Federal Signal Corporation FSS presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

FSS delivered a trailing four-quarter average earnings surprise of 8.1%. In the past 60 days, the Zacks Consensus Estimate for Federal Signal’s 2023 earnings has increased 3.3%. The stock has risen 47.1% in the past year.

ITT Inc. ITT presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 8%.

The consensus estimate for ITT’s 2023 earnings has increased 2% in the past 60 days. Shares of ITT have jumped 34.5% in the past year.

A. O. Smith Corporation AOS currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.

In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 5%. The stock has risen 27.2% in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

General Electric Company (GE) : Free Stock Analysis Report

A. O. Smith Corporation (AOS) : Free Stock Analysis Report

ITT Inc. (ITT) : Free Stock Analysis Report

Federal Signal Corporation (FSS) : Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research