Betting Wrong: GE Takes Big Loss as Fossils Lose to Renewables

Climate Denial Crock of the Week

Snooze you lose.

Renewables are the future. GE the latest to miss the trend.

Don’t be too hard on them – they’re not alone.  We are seeing a “disruption of unprecedented scope and speed,”


ZURICH/LAS VEGAS (Reuters) – General Electric Co (GE.N) said Thursday it is axing 12,000 jobs at its global power business, the struggling industrial conglomerate’s latest effort to shrink itself into a more focused company.

The U.S. company launched the cuts to save $1 billion in 2018 at its Power business, saying it expects dwindling demand for fossil fuel power plants to continue. GE’s cuts follow a decision by rival Siemens AG to slash 6,900 jobs in the face of a global shift by electric utilities away from fossil fuels to renewable sources of energy such as wind and solar.

GE did not give a breakdown of the job cuts, which represent about…

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