GE Vernova Targets the Difficulties of China's Energy Transition and Continues to Make Efforts!

On April 2, 2024, GE Vernova (NYSE: GEV) announced that it has completed its spin-off from GE and will operate as an independent company and is listed on the New York Stock Exchange under the ticker symbol "GEV".

On April 17, GE Vernova held a conference at its headquarters in China. GE Vernova Media Briefing". At the meeting, Xu Xin, President of GE Vernova Gas Power Service China, Brian Selby, General Manager of GE Vernova Hydropower Asia, Xie Jihong, General Manager of GE Vernova Offshore Wind China, and Xu Aijun, Deputy General Manager of GE Vernova Hydropower China, introduced the vision and goals of GE Vernova after its listing, discussed the development status and opportunities of China's energy market with the media, and presented GE Vernova's layout strategy.

GE Vernova brings a new concept of development

With GE Vernova's unique advantages in business scale and solutions, GE Vernova's energy solutions are providing reliable, affordable and safe electricity to every region of the world, while increasing power supply while reducing carbon emissions.

Becoming a fully independent company, GE Vernova has defined its purpose and objectives. In other words, GE Vernova will focus on accelerating the energy transition, aiming to achieve global electrification while reducing carbon emissions, and strive to lead the new era of energy "with the power of energy transformation".

As for the connotation of the name "GE Vernova", Xu Xin said, "In the context of the global green and low-carbon energy transition, GE Vernova's mission is rooted in our name: inheriting "GE", which symbolizes long-term and hard-won quality and creativity, and "Vernova", which combines "ver", which is derived from "verde" and "verdant", which represents the green mountains and rivers of the earth, and "nova" is derived from Latin "novus" and "new" represent the commitment to lead a new era of low-carbon energy.

The new GE Vernova has three cores, Xie Jihong further introduced: first, sustainable development, whether it is green energy or innovation, which can provide us with great impetus for sustainable development, second, lean management, which brings more innovation to products, technologies, services, markets and other fields, and third, talent training, which will run through the core strategy of GE Vernova in the future.

GE Vernova has a 100-year track record

As a century-old industrial giant, GE Vernova employs more than 80,000 people in more than 100 countries around the world, and its main business segments include power generation, wind power and electrification, with the world's largest installed capacity of more than 7,000 gas turbines, approximately 55,000 wind turbines, and industry-leading electrification technology, with 30% of the world's electricity provided by GE Vernova equipment.

GE Vernova is also one of the first energy equipment manufacturers and service providers to enter the Chinese market.

Xu Xin said: "Over the years, we have continued to make important arrangements in line with the development of the Chinese market, and we are also actively combining domestic energy transition trends and a series of supporting policies, including improving quality and efficiency, new quality productivity, and foreign investment. Therefore, we are full of expectations and confidence in the prospects of GE Vernova's business development in China." ”

At present, GE Vernova has more than 4,000 employees in China, distributed in more than 10 offices and manufacturing bases, has the Jieyang offshore wind power assembly base, two re-ignition bases in Qinhuangdao, one of which is mainly responsible for maintenance and production, and the other is an HA-class gas turbine production and manufacturing base, which is also the only HA-class gas turbine production base in Asia, and is located in Minhang, Shanghai, which is a joint venture with Huadian Group. Huadian General Light Gas Turbine Equipment Co., Ltd., which specializes in the assembly, testing and maintenance of light gas turbine generator sets, and GE Vernova's Tianjin hydropower production base in Tianjin, which is also the largest hydropower production base of GE Vernova in the world.

Based on GE Vernova's recognition and investment in the Chinese market, GE Vernova's gas-fired power generation business has provided services for more than 240 sets of gas turbines operated by more than 110 customers, with an installed capacity of about 50 GW, accounting for more than 40% of the country's total installed capacity, the cumulative installed capacity of hydropower business in China has reached 60 GW, accounting for 25% of China's total installed hydropower capacity, and the installed capacity of steam turbines has reached 53 GW. construction) company cooperation to jointly develop overseas markets.

"We have been developing in China for many years, and we will continue to be rooted in China in the future, relying on GE's 130 years of technology and continuous investment to leverage our strengths and integration capabilities in technology and overall business. "China is currently in a critical phase of its rapid energy transition, which is fraught with challenges and opportunities. Therefore, we hope to be able to embrace the opportunities while using our solutions to help solve some of the challenges at home. Whether it's wind, hydro or gas turbines, there are needs in the energy transition, and we are committed to helping our customers meet those needs. ”

GE Vernova targets energy development difficulties

"Ultimately, the global energy transition must strike a balance between sustainability, affordability, and reliability, and China is no exception. When talking about the difficulties of China's energy development, Xu Xin said.

Since China clarified its "dual carbon" goal, China has accelerated the process of energy transition and developed new energy rapidly. According to the 2023 annual renewable energy outlook report released by the International Energy Agency, by the end of 2023, China's installed renewable energy capacity excluding hydropower will exceed 1,000 GW, with about 300 GW of new renewable energy capacity added nationwide and more than 500 GW globally. China accounts for 60% of the world's new renewable energy capacity, making it the largest in the world.

The development of renewable energy on such a large scale will also present a series of challenges for grid reliability.

However, Xu Xin believes that the rapid development of renewable energy in China has not only brought challenges, but also opportunities: "After the development of a large number of renewable energy in China in the future, how to balance the use of various resources? We believe that China is the most likely country in the world to be the first to achieve large-scale industrial adoption of green hydrogen. ”

Xu Xin further elaborated: "We believe that if China achieves the goal of large-scale application of green hydrogen in the industrial field, gas turbine hydrogen combustion can achieve zero emissions, solve part of the country's needs, and achieve 'corner overtaking' in the application of green hydrogen, which is also one of the feasible paths for national energy security to a certain extent." This is not only a transitional solution, but it can also be the ultimate solution, but this development prospect is also based on China's resource endowment and manufacturing capacity. Europe has manufacturing capacity but no large amount of renewable energy distribution, Australia has renewable energy distribution but no manufacturing capacity, and China has both scale, competitiveness, and abundant renewable energy distribution. So we think that's the way forward to focus in the future. ”

In addition, Xu Aijun also said that the current domestic wind power, solar energy, and new energy are vigorously developing, promoting the country's transformation to the key field of pumped storage. In 2023, there will be more than 30 power plants tendered, and 30 power plants are expected to be tendered this year, which fully demonstrates its huge market potential.

In view of China's huge renewable energy installed capacity and the Chinese market targeted by GE Vernova, GE Vernova made it clear that in terms of gas-fired power generation, first, by 2030, all GE Vernova units will achieve 100% hydrogen blending capacity. In terms of wind turbines, the product side will accelerate the R&D, verification and launch of next-generation wind turbines on the basis of the existing Haliade-X 12MW to 14.7MW platform. In terms of hydropower units, in addition to providing more advanced technology and better products, we will also transform the old power stations and apply new technologies to the old power stations.

Finally, Xu Xin said, "Whether it is renewable energy or fossil energy, the ultimate goal is to convert it into electricity at your fingertips, and if we achieve carbon reduction in the process of power generation, we can also help customers achieve sustainable development goals." ”

( Source: Polaris Power Network Author: Zheng Zheng )