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electrical grids

GE announced that it has completed the acquisition of Alstom’s power and grid businesses. The completion of the transaction follows the regulatory approval of the deal in over 20 countries and regions including the EU, U.S., China, India, Japan and Brazil. It is GE’s largest-ever industrial acquisition.

GE reached an agreement with Alstom in 2014 to purchase Alstom’s power and grid businesses for €12.35 billion. Adjusting for the joint ventures announced in June 2014 (renewables, grid, and nuclear), changes in the deal structure, price adjustments for remedies, net cash at close, and including the effects of currency, the purchase price is €9.7B (approximately $10.6B). This includes working capital usage of approximately €0.6B in the month of October. GE expects the deal to generate $0.05-0.08 of earnings per share in 2016 and $0.15-0.20 of earnings per share by 2018. GE is targeting $3.0 billion in cost synergies in year five and strong deal returns. The overall economics and strategic rationale remain the same as GE announced in April 2014.

Customers will realize immediate benefit from the combination of GE and Alstom, including these current projects:
• PSEG Sewaren (New Jersey combined cycle power plant): GE 7HA gas turbine + Alstom heat recovery steam generator (HRSG)
• Punjab Pakistan Bhikki (Pakistan combined cycle power plant): two GE 9HA gas turbines + Alstom steam turbine
• Exelon Power Plants (Texas power projects): four GE 7HA gas turbines + four Alstom HRSGs
• Chempark (Leverkusen, Germany combined heat and power project): GE 9HA gas turbine.

In addition, GE and Alstom are both preferred bidders for a combined cycle plant project in Asia that would use two GE 7HA gas turbines, two Alstom HRSGs and one Alstom steam generator, and Alstom is the preferred bidder for Arabelle steam turbines in two UK nuclear reactors; the preferred bidder for boilers, steam turbines and generators a clean coal project in the Middle East; and has successfully delivered India’s first 800 kV High Voltage Direct Current (HVDC) power transformer for the Champa-Kurukshetra project.

GE also announced today it has completed the sale of its rail signaling business to Alstom for approximately $800 million.

GE continues to execute its strategy to become a simpler, more focused company. In addition to the Alstom acquisition, the split-off of Synchrony Financial has commenced; the GE Capital exit strategy is ahead of plan, with $126 billion of signed dispositions; the recent formation of GE Digital is consolidating all digital capabilities across the company to provide customers with the best industrial solutions and software; and GE is winning in the marketplace and delivering strong financial results.

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ABB has won an order worth about $450 million to link the power grids of the United Kingdom and Norway, increasing security of power supply for both countries and supporting the integration of more renewable wind and hydroelectric power into their networks. The order was placed by Statnett, the state-owned network operator in Norway, and National Grid, an international electricity and gas utility from the UK, and was booked in the third quarter of 2015.

The NSN link will have the capacity to transmit 1,400 MW of power passing through Norwegian and British waters. The 730 kilometer link will be the world’s longest subsea power interconnection, expected to enter commercial operation in 2021. When wind power generation is high and electricity demand low in the UK, power will flow via the link to Norway, allowing it to conserve water in its reservoirs. When demand is high in the UK but the wind isn’t blowing, electricity from Norway’s hydroelectric plants will flow to the UK.

As part of the order, ABB will design, engineer, supply and commission two ±525 kV, 1,400 MW converter stations, using its Voltage Source Converter (VSC) technology, called HVDC Light®. One station will be situated in Blyth, UK and one in Kvilldal, Norway.

ABB was recently also awarded the NordLink project, a 1,400 MW interconnection rated at ±525 kV to connect Norway and Germany. ABB has been awarded around 100 HVDC projects since it pioneered HVDC technology more than 60 years ago, representing a total installed capacity of more than 120,000 MW and accounting for about half the global installed base. ABB introduced voltage source converter (VSC) HVDC Light® technology in the 1990s and is a global leader in this field, having delivered 15 of the 21 VSC projects presently in commercial operation around the world. The NSN link is the fifth significant HVDC Light order awarded to ABB during the last year.

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