GE coal fired power plants, But now it plans to say goodbye to coal

 GE coal fired power plants, But now it plans to say goodbye to coal.

Struggling GE (GE) announced Monday it plans to exit the new build coal power market -- meaning it won't build new coal-fired power plants -- making it the latest major company to dump coal. GE said the exit may include asset sales, site closures and layoffs.

The move marks a dramatic reversal for GE. Just five years ago, the company doubled down on coal by acquiring Alstom's power business, which makes coal-fueled turbines.
    That $9.5 billion deal, GE's biggest-ever industrial purchase, proved to be a disaster because coal has been crushed by the rise of natural gas and a shift toward solar, wind and renewable energy. Since then, GE has laid off thousands of power workers, slashed its dividend to a penny, fired two CEOs and sharply written down the value of its power business.
    "With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory," GE Power CEO Russell Stokes said in a statement.
    The decision marks the latest major shift by GE, which in recent years has reached deals to sell its century-old locomotive division, reversexe its takeover of oil-and-gas giant Baker Hughes (BKR), sell a major healthcare unit and even dump its iconic light-bulb business.

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