General Electric Company’s (NYSE:GE) Power Conversion business was recently chosen by Taiwan Power Company to provide an upgrade service, which will help to extend the hydro plant’s operational life by 20 years. As one of the leading suppliers of equipment for pumped-storage power plants, GE has played an active role in facilitating a cleaner energy mix by augmenting the adoption of hydro power in various regions of the world.
Within the service contract, GE will provide upgrades to two sets of startup frequency converter (SFC) control systems, which will improve harmonic levels at the plant. In addition, GE will also provide uninterruptible power supply systems and conduct factory acceptance tests as well as on-site tests.
Thanks to GE’s expertise in providing high-end engineering solutions, the power plant will continue to operate throughout the upgrade procedure. Upon the conclusion of these upgrades, the operational life of the plant will be extended, all while improving efficiency and reducing maintenance work. GE’s solution will also allow the generator startup to be energized by both thermal and hydro power.
“GE’s deep technical knowledge has been evident as they updated key equipment at Mingtan Pumped Storage Hydro Power Plant. Thanks to their competent engineering team, crucial upgrades were carried out without impacting operations at the plant,” says a spokesperson from Taiwan Power Company.
“We are proud of our partnership with the Taiwan Power Company. Through this partnership and building on our engineering expertise, we have been able to play an important role in upgrading the biggest hydro power plant in Taiwan by providing productive, long-lasting, low-maintenance technology,” explains Haiming Li, China service director, GE’s Power Conversion business.
The SFC control systems provided by GE can potentially also find applications at thermal power plants owned by the Taiwan Power Company. (Original Source)
Shares of General Electric are currently trading at $31.03, up $0.16 or 0.52%. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $29.09 and its 200-day moving average is $30.34.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on November 15, Merrill Lynch analyst Andrew Obin reiterated a Buy rating on GE, with a price target of $37, which represents a potential upside of 20% from where the stock is currently trading. Separately, on November 14, J.P. Morgan’s Stephen Tusa reiterated a Sell rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Obin and Stephen Tusa have a yearly average return of 7.5% and 1.9% respectively. Obin has a success rate of 65% and is ranked #766 out of 4235 analysts, while Tusa has a success rate of 60% and is ranked #1542.
Sentiment on the street is mostly bullish on GE stock. Out of 9 analysts who cover the stock, 5 suggest a Buy rating , 3 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $35.25, which represents a potential upside of 14% from where the stock is currently trading.