Interesting news in December 2017: GE Is Slashing 12,000 Jobs In Its Power Business
General Electric Co announced on Thursday it was axing 12,000 jobs at its global power business as the struggling industrial conglomerate responds to dwindling demand for fossil fuel power plants. The U.S. company launched the cuts to save $1 billion in 2018, saying it expected current difficulties in the sector to continue.”Traditional power markets including gas and coal have softened,” GE said.
G.E. is seeing a grim future in building new gas and coal power plants across the globe.
Many existing coal power plants are being decommissioned due to negative environmental impact. Gas and coal power plants are having a catastrophic impact on air quality. For example, in New Delhi, India, the air quality impact is the equivalent of smoking 44 cigarettes per day. China continues to have significant air quality problems as well.
While I am saddened seeing people lose their jobs, there is good news in this announcement:
- To continue to build new power plants that rely on fossil fuels doesn’t make sense.
- Nuclear power plant projects are continuing to expand across the globe though Germany and Japan have plans to eliminate nuclear power plants. California will close its last operating nuclear power plant, Diablo Canyon, in the next decade.
- Wind, solar and other clean power technologies are growing rapidly.
I wouldn’t want to be in the coal business!
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