General Electric Company (GE)  

​GE Wins Work for U.K. Nuclear Power Plant

Adam Smith | FlashRatings | Friday, September 16, 2016 5:02 PM EDT
General Electric Company (GE) has won approval of a $1.9 billion contract for a nuclear power project in the United Kingdom.

Under the agreement, GE's Steam Power Systems will provide two conventional power islands, according to the conglomerate, for EDF Energy’s Hinkley Point C nuclear power plant that is expected to produce electricity for some six million homes.

GE's role in the project was made possible through its purchase last year of Alstom Power & Grid and will involve providing equipment such as steam turbines and generators.

The plant, expected to cost nearly $24 billion, is slated start providing power by 2025, according to the European utility EDF Energy. The project was approved by the British government yesterday, and will be located in Somerset, England, where it will provide 7 percent of the nation's power for six decades.

GE is making the bet on the nuclear work just five years after the shutdown and leakage of the Fukushima Daiichi nuclear power plant that it designed decades ago for the Japanese. GE’s steam turbines are in use in more than half the nuclear power plants around the globe, according to the company.

Stock for GE was down to $29.72 a share today by 3:30 p.m.