General Electric Company (NYSE:GE) confirmed that it received approval of its $1.9 billion contract for EDF Energy’s Hinkley Point C nuclear power project. Steam Power Systems, part of GE Power, will supply two conventional power islands, which will deliver enough electricity to power approximately six million homes throughout the UK. The power conventional island includes the ARABELLE™ steam turbine, generator, and other critical equipment. This technology came to GE through last year’s Alstom acquisition.

Steve Bolze, president and CEO of GE Power said, “With the acquisition of Alstom Power & Grid we’re now able to offer a broader portfolio of technology solutions that provide reliable and efficient power for our customers. We are pleased to be working with EDF Energy on Hinkley Point C to help deliver on the UK government’s vision for energy security and economic development. We look forward to continuing to work with EDF to provide power to millions of homes across the region,”

Less than a year after COP21, the UK has made a critical decision regarding its energy policy. It has made this historic decision at a time when there is an even greater drive for low carbon energy technologies. Since 2010, 20% of the UK’s electricity generation capacity has been shut down and by 2030, a further 35% is expected to close, including all but one nuclear power station. Nuclear provides dependable, CO2-free energy and, when complete, Hinkley Point C is expected deliver around 7% of the UK’s power generation capacity for 60 years.

Andreas Lusch, President and CEO of GE’s Steam Power Systems said, “Producing power that meets today’s greenhouse gas emission standards is a top priority. The Arabelle turbine represents six decades of nuclear steam turbine expertise and it’s the most powerful turbine in the world by output. We are pleased to continue to work with EDF Energy to deliver clean, reliable power that will bolster the UK’s energy infrastructure.”

Today, GE steam turbine technology operates in 50 percent of the world’s nuclear power plants with the ability to deliver more than 200 GW to the grid. The ARABELLE™ is the largest turbine in operation for the past 10 years, produces 2% more power output than a traditional configuration and has a 99.96% reliability rate. Each turbine for Hinkley Point C has a gross generating capacity of 1,770 MW.

For more than six months, GE has been working closely with EDF Energy on Hinkley Point C as part of the Early Contractor Involvement agreement that includes activities like safety classification studies, planning, civil works interfaces, pre-engineering and procurement planning. With today’s decision, GE continues to move forward with the next phase of design, engineering and manufacturing from GE’s Steam Power Systems Global Center of Excellence in Belfort, France. This phase also includes ramping up our procurement activity with global suppliers, many of whom are based in the UK. (Original Source)

Shares of General Electric closed yesterday at $29.75, up $0.05 or 0.17%. GE has a 1-year high of $33 and a 1-year low of $24.26. The stock’s 50-day moving average is $30.84 and its 200-day moving average is $30.48.

On the ratings front, GE stock has been the subject of a number of recent research reports. In a report issued on September 8, William Blair analyst Nicholas Heymann reiterated a Buy rating on GE, with a price target of $38, which implies an upside of 28% from current levels. Separately, on September 7, Bernstein Research’s Steven Winoker maintained a Hold rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and Steven Winoker have a total average return of 1.5% and 8.9% respectively. Heymann has a success rate of 48% and is ranked #2011 out of 4158 analysts, while Winoker has a success rate of 68% and is ranked #621.

Overall, 2 research analysts have rated the stock with a Sell rating, 4 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.50 which is 2.5% above where the stock closed yesterday.