General Electric's (GE) Unit Signs MOC With Ukrhydroenergo
General Electric Company’s GE unit, GE Vernova’s Hydro Power business, has signed a Memorandum of Collaboration (MoC) with Ukraine’s biggest operator of hydropower plants, Ukrhydroenergo, to construct and restore Ukraine’s hydropower facilities.
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.
Per the two-year deal, GE and Ukrhydroenergo will construct a new pumped storage plant of Kaniv (1 GigaWatt), supply three units of 324 megawatt (MW) for the Dniester power plant, and overhaul the Kakhovka power plant (335 MW), which was damaged during the Russia-Ukraine conflict. Upon completion, these power plants will provide clean and reliable electricity to the Ukrainian houses, schools, hospitals and businesses.
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The two companies are likely to collaborate on other projects in the near future and this MoC provides the framework for the same.
Zacks Rank & Stocks to Consider
General Electric currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:
Caterpillar Inc. CAT presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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 10.4% for 2023. The stock has gained 62.6% in the past year.
Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1. IR’s earnings surprise in the last four quarters was 14.9%, on average.
In the past 60 days, estimates for Ingersoll Rand’s earnings have increased 3% for 2023. The stock has gained 43.5% in the past year.
Eaton Corporation plc ETN currently carries a Zacks Rank # 2 (Buy). The company delivered a trailing four-quarter earnings surprise of approximately 3%, on average.
In the past 60 days, estimates for Eaton’s earnings have increased 3.9% for 2023. The stock has soared 60.9% in the past year.
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