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General Electric's (GE) Unit Wins Gas Turbine Deal in Australia
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General Electric Company’s (GE - Free Report) unit GE Vernova’s Gas Power business has secured a deal from Queensland Government-possessed energy company, CS Energy, to deliver 12 units of LM2500XPRESS aero-derivative gas turbines. The gas turbines will be installed at CS Energy’s Brigalow Peaking power plant based in the Western Downs region of Queensland, Australia.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).
The Peaking Power Plant is capable of generating both solar and wind power. As noted, the power plant will run on 35% green hydrogen by volume and will switch to operating on hydrogen during the first ten years of operation. The power plant is expected to start commercial operation in 2026 and will be able to produce electricity of 400 megawatts, which is capable of powering more than 150,000 Queensland homes. The power plant will help in improving grid stability, which is in line with the Queensland Energy and Jobs Plan.
The power plant will be situated at the Kogan Clean Energy Hub, currently under development by CS Energy. The gas turbine units for this project will be assembled at GE’s advanced engineering center located in the Manufacturing Excellence Centre in Veresegyhaz, Hungary.
Zacks Rank
General Electric currently sports a Zacks Rank #1 (Strong Buy). The company is benefiting from the strong performance of the Aerospace segment due to robust demand and the solid execution of commercial engines and services. Also, after months of softness, a rebound in demand in the Power segment augurs well for General Electric. Strength in GE Gas Power’s heavy-duty gas turbines is aiding the Power segment.
Price Performance
In the past year, the GE stock has risen 76.5% against the industry’s 2.4% decrease.
Image Source: Zacks Investment Research
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In the past 60 days, the Zacks Consensus Estimate for Markel’s 2023 earnings has increased 0.6%. The stock has risen 4% in the past year.
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General Electric's (GE) Unit Wins Gas Turbine Deal in Australia
General Electric Company’s (GE - Free Report) unit GE Vernova’s Gas Power business has secured a deal from Queensland Government-possessed energy company, CS Energy, to deliver 12 units of LM2500XPRESS aero-derivative gas turbines. The gas turbines will be installed at CS Energy’s Brigalow Peaking power plant based in the Western Downs region of Queensland, Australia.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).
The Peaking Power Plant is capable of generating both solar and wind power. As noted, the power plant will run on 35% green hydrogen by volume and will switch to operating on hydrogen during the first ten years of operation. The power plant is expected to start commercial operation in 2026 and will be able to produce electricity of 400 megawatts, which is capable of powering more than 150,000 Queensland homes. The power plant will help in improving grid stability, which is in line with the Queensland Energy and Jobs Plan.
The power plant will be situated at the Kogan Clean Energy Hub, currently under development by CS Energy. The gas turbine units for this project will be assembled at GE’s advanced engineering center located in the Manufacturing Excellence Centre in Veresegyhaz, Hungary.
Zacks Rank
General Electric currently sports a Zacks Rank #1 (Strong Buy). The company is benefiting from the strong performance of the Aerospace segment due to robust demand and the solid execution of commercial engines and services. Also, after months of softness, a rebound in demand in the Power segment augurs well for General Electric. Strength in GE Gas Power’s heavy-duty gas turbines is aiding the Power segment.
Price Performance
In the past year, the GE stock has risen 76.5% against the industry’s 2.4% decrease.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked companies from the same space are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 13% in the past 60 days. Shares of Griffon have jumped 57.3% in the past year.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank #2 (Buy). ITT delivered a trailing four-quarter average earnings surprise of 8%.
In the past 60 days, the Zacks Consensus Estimate for ITT’s 2023 earnings has increased 1%. The stock has risen 36.7% in the past year.
Markel Group Inc. (MKL - Free Report) has a Zacks Rank of 2 at present. The company delivered a trailing four-quarter average earnings surprise of 11.1%.
In the past 60 days, the Zacks Consensus Estimate for Markel’s 2023 earnings has increased 0.6%. The stock has risen 4% in the past year.