Struggling GE announced Monday it won't build new coal-fueled power plants, making it the latest major company to dump coal in an exit that may include asset sales, site closures and layoffs.
"With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory," GE Power CEO Russell Stokes said in a statement. Inch added that the news also suggests GE has not found any buyers for the steam power business, which in January Bloomberg News reported the company was attempting to sell.
That makes sense because despite President Donald Trump's campaign promise to revive coal, the industry continues to lose ground, especially in the United States.
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