General Electric Company's
) distributed power business recently announced the supply of three
25-megawatt (MW) TM2500+ aeroderivative gas turbines to GEL Utility
Limited in Nigeria. GEL Utility Limited, a part of Genesis
Electricity, will utilize the engines for the Nigerian National
Petroleum Corporation's (NNPC) state oil refinery at Port Harcourt.
General Electric's sales and project finance group will arrange the
financing for the project.
As part of the effort to overcome local grid outages, the TM2500+
gas turbines will provide both baseload and backup power to support
the refinery operations. The system can be used for utilities with
permanent power installations and backup power such as natural
disaster relief efforts, plant shutdowns and equipment.
These gas turbines are likely to address the challenges faced by
Port Harcourt Refining Company (PHRC) and provide uninterrupted
power flow to the refinery while ensuring its long-term viability.
To date, chronic grid outages have reduced PHRC's output to 30% of
its maximum capacity.
This project will play a vital role in getting the refinery back
into full operation, enabling Nigeria to drastically reduce its
refined fuel products import. This will also help the refinery to
maintain a reliable energy supply and thereby increase its
General Electric is one of the most diversified technologies and
financial service corporations in the world. The company's segments
include Power & Water, Oil & Gas, Energy Management,
Aviation, Healthcare, Transportation, Home & Business
Solutions, and GE Capital. The GE Power & Water segment
produces gas, steam and aero derivative turbines; generators;
combined cycle systems; and renewable energy solutions. The segment
also offers water treatment services and equipment.
General Electric currently has a Zacks Rank #3 (Hold). Other
stocks that look promising and are worth a look include Macquarie
Infrastructure Company LLC (
) and Noble Group Ltd. (
), both carrying a Zacks Rank #1 (Strong Buy) and Federal Signal
), carrying a Zacks Rank #2 (Buy).
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