GE Looks to Power, Renewable Energy as Oil Slump Crimps Profits

General Electric Co.’s top executive sees power generation and renewable energy buoying profits as the industrial giant struggles with persistent challenges in the oil and gas market.

The non-petroleum energy units could boost sales by at least 10 percent this year as the company sees “strong” order prospects for equipment and services, Chief Executive Officer Jeffrey Immelt said Wednesday. The recent acquisition of Alstom SA’s power business will add about 5 cents a share to earnings this year and potentially more than 20 cents in 2018, he said.

“There’s still a lot of business out there on power generation,” Immelt said in a presentation at the Electrical Products Group conference in Longboat Key, Florida. “We see commitments, we see pipeline, we see big deals under way.”

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