One the biggest producers of coal-fired plants, GE, is changing its tune on energy.
GE announced this week that it is seeking to exit new builds in the coal power market.
The company says it will continue to serve existing customers, but some related actions could include divestitures, site closings and job impacts.
In 2015, GE purchased Alstom’s turbine business for more than $13 billion, a move that’s helped drive GE stock to historic lows.
GE’s big bet nearly doubled its fleet of coal-fired power generation just before the coal industry began to skid.
U.S. coal has declined for the last six years and, according to the U.S. Energy Information Administration, coal consumption dropped nearly 15% between 2018 and 2019.
According to GE, the company will continue “working to make electricity more affordable, reliable, accessible, and sustainable.”
Further, GE plans to stay “focused on power generation businesses that have attractive economics and a growth trajectory.”