Supply Equipment for Vietnamese Power Plant General Electric Company (GE) announced that its Power arm had won a contract to supply power generation equipment for Petro Vietnam.
Supply Equipment for Vietnamese Power Plant Power Corporation’s Nhon Trach 3 and 4 combined cycle power plant from a leading Vietnamese engineering, procurement, and construction (EPC) consortium.
The 1.6 GW Nhon Trach plant is schedule to begin operations in 2025. It will supply electricity to industrial areas in the province of Vung.
Tau, located about 43 miles from Ho Chi Minh City.
According to GE, this is their first H-Class gas turbine order in Vietnam, and it will be the first LNG power plant in the country.
In addition, GE will increase the effectiveness of PV Power’s Nhon.
Trach 1 power plant by boosting its transparency, dependability, and accessibility while decreasing operating expenses.
GE has received a contract to supply power generation equipment for PV Power’s Nhon Trach 3 and 4 combined cycle power plant.
Industrial areas in the Vung Tau provinces of Vietnam will have Power from the Nhon Trach plant, which the energy company hopes to have operational by 2025 Supply Equipment for Vietnamese Power Plant.
By increasing transparency, reliability, and availability while decreasing costs.
GE will boost the effectiveness of the Nhon Trach 1 power plant.
As it prepares to split into three separate companies in the coming years, GE’s commitment to providing solutions for customers transitioning to cleaner energy infrastructure is demonstrate by this order.
Replace Oil and Coal with Natural Gas and Renewables
To meet its goal of reaching net-zero emissions by 2050, the Southeast Asian nation of Vietnam has.
In recent years, accelerated its transition from coal-fired Power toward renewables and natural gas alternatives.
According to Ramesh Singaram, CEO of GE Gas Power’s Asia region, “lower-carbon and highly efficient gas power.
Generation will play a crucial role in supporting this growth while ensuring grid stability and reliability” in Vietnam.
“We are proud to begin developing the first HA project in the country, in alignment with its national energy goals for a more sustainable national economic growth,” Singaram said of the groundbreaking initiative.
Resulting Effect on Investor:
Positive news for GE’s Power division, which has been struggling, is the company’s contract to supply energy-generating equipment to PV Power.
In the last three years, the division and the renewable energy division.
The company have lost roughly $2 billion in operations. Since 2016, Power’s profit margin has swung from +14% to -5% despite its $16.9 billion sales in 2021.
As the conglomerate prepares to split into three companies in the coming years, one for aviation and healthcare and one for energy.
This latest deal demonstrates GE’s commitment to providing solutions for customers transitioning to cleaner energy infrastructure. With this reorganization, GE hopes to streamline operations across its renewable energy, Power, and digital businesses.
Shares of GE have dropped 20.4% since the beginning of the year, lagging the S&P 500 Index by roughly 3% during that time.
The author did not own any of the securities above at the time of writing.
Correction – May 25, 2022: A prior version of this article incorrectly attributed the turbine deal to GE’s renewable energy division rather than its power division.
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