General Electric Company’s (NYSE:GE) unit, GE Vernova’s Gas Power business, in collaboration with Harbin Electric (HE), has been awarded a contract by Chinese State Development & Investment Corp., Ltd. (SDIC) Jineng (Zhoushan) Gas Power Generation Co., Ltd. This contract pertains to the delivery of two gas turbines destined for a new combined cycle power plant situated in the Zhoushan archipelago of Zhejiang Province, China.
GE Vernova is a collaboration of GE Digital, Renewable Energy, and GE Power, encompassing General Electric’s gas lifecycle business, which includes the Power Services and Gas Power Systems divisions.
Under the terms of the agreement, GE will provide two 9HAs.02 gas turbines to SDIC Zhoushan’s combined cycle plant, representing the first H-class gas-fired power generation project in Zhejiang Province. These turbines, known for their quick startup and shutdown capabilities, facilitate the integration of renewable energy sources by swiftly transitioning to natural gas power when solar or wind energy is not available.
The utilization of General Electric’s HA gas turbines is expected to reduce emissions by up to 60%. These turbines will enable the plant to generate the equivalent capacity that would typically require the burning of 1.35 million tons of coal annually.
Moreover, the gas turbines will enhance the reliability and flexibility of Zhejiang Province’s power supply capacity and peak-shaving capabilities for the power grid.
Once completed, this 1.7 gigawatt power plant will play a crucial role in supplying power to China’s largest archipelago, consisting of 1,390 islands. The first unit is projected to commence operations by the end of 2025 and may utilize approximately 10% green hydrogen by volume when blended with natural gas in the future.
GE’s stock has shown strong performance, with a 74.2% increase in share value over the past year, surpassing the industry’s growth of 0.5%.
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