U.S. Department of Energy - Energy Efficiency and Renewable Energy
General Electric Sees Huge Growth in Clean Energy Business
May 18, 2005
GE Energy, a business unit of the General Electric Company (GE),
announced on May 16th that it expects its 2005 revenues for wind energy to
exceed $2 billion, a 300 percent increase over 2002, its first year of
wind energy operations. GE Energy has received order and commitments
for 2,400 megawatts of new wind power capacity worldwide, including
1,650 megawatts in the United States. That represents two-thirds of
the new wind capacity to be installed this year, according to the
latest projection by the American Wind Energy Association (AWEA). See the GE press release.
The success of its wind energy business may be one of the driving
forces for "ecomagination," a GE initiative announced on May 9th that
includes a doubling of the company's investments in research and
development for clean energy. By 2010, GE intends to invest
$1.5 billion annually in cleaner technologies, up from $700 million in
2004. GE also intends to double its revenues from environmentally
preferable products, including (but not limited to) wind and solar
energy, technologies and materials that make energy production and
consumption more efficient, and cleaner and more efficient
transportation technologies. GE also intends to increase its energy
efficiency and reduce its greenhouse gas emissions by 1 percent by
2012. At currently projected growth rates, the company's greenhouse
gas emissions would increase 40 percent by 2012 without energy
efficiency improvements. See the GE press release.
Although wind power is booming this year, the industry saw slow growth
in the United States in 2004, with only 389 megawatts of new wind
capacity installed. That in turn caused little change in AWEA's annual
ranking of the top states for wind power capacity as well as the
largest wind facilities, the leading wind power owners, the top
manufacturers, and the utilities that buy the most wind power.
California and Texas continued to lead the states in wind power
capacity in 2004. See AWEA's May 12th press release, and for comparison, see the AWEA press release from last year.