One of the biggest names in coal power plants is preparing to exit the industry, General Electric (GE). It announced on September 21st will no longer create new coal-based power plants and will be exiting entirely from the coal industry.
This exit includes divestitures, site closings, job impacts, and appropriate considerations for publicly held subsidiaries. Instead, the company will be focusing its efforts on improving its renewable energy and power generation business.
This comes as the company faces financial trouble as coal becomes more undesirable.
Coal Has No Future
To anyone who closely follows the energy sector, this should not be surprising.
Coal can no longer keep up with the much cheaper natural gas alternatives that exist today. On top of this, solar and wind energy is now cheaper than coal, while also being highly desired by businesses that want to meet climate goals.
As the world continues to transition to greener alternatives, one thing is very clear, coal no longer has a future.
A Solid Foundation in Offshore Wind
GE is no stranger to renewable energy, especially when it comes to offshore wind.
In fact, the Haliade-X is currently the world’s largest and most powerful offshore wind turbine. It stands at a whopping 853 feet (that’s almost the Eiffel tower) and is able to produce 12 MW which is enough to power 16,000 American homes.
And it was GE who created it.
If the company tosses its weight fully behind renewable energy, there could be some groundbreaking innovations made in the upcoming years.
GE is Not Exclusively Switching to Renewable
It is worth noting that the company will be transitioning away from coal, but not fossil fuels.
Instead, it will be switching to the much more affordable natural gas. This fuel has taken the energy industry by storm. And while it will still produce emissions, it is a superior alternative to coal in every possible way.