Company Update (NYSE:GE): General Electric Company Completes First-of-Its-Kind Upgrade in Middle East and Africa at Nubaria Power Plant in Egypt

General Electric Company (NYSE:GE) announced it has completed the upgrades of two GE 9FA gas turbines at the Nubaria power plant, located in Beheira, Egypt, and owned by the Middle Delta Electricity Production Company. The upgrades featured the installation of GE’s latest combustion solutions for the 9FA gas turbine including Advanced Gas Path (AGP), Advanced Extendors Combustion and Dry Low NOx 2.6+.

This is the first time in the Middle East and Africa, and the third time globally, for GE to implement this upgrade on the 9FA gas turbine. This reflects GE’s commitment to bring its latest and most-advanced technologies to Egypt to help boost the efficiency of Egypt’s energy sector. As a result, the upgrade improved the power plant’s output by 6.7 percent. Additionally, the upgrade improved the power plant’s heat rate, which decreased its fuel consumption by 3 percent.

Eng. Mohamed El Abd, chairman of Middle Delta Electricity Production Company, said: “Installing GE’s advanced technologies will help us enhance the operational efficiency and reduce fuel consumption of our existing power plants. This upgrade also will help increase the output of the Nubaria power plant to be able to meet peak demand as we approach the summer.”

The Nubaria power plant is a combined-cycle plant that is powered by two GE 9FA gas turbines and a 3-casing reaction technology steam turbine from Alstom that generate a total of 750 megawatts. The upgrades have improved the efficiency and availability of the combined-cycle plant.

Amir Hafzalla, managing director, Power Services, GE Power for East Med, Iraq, Pakistan and Afghanistan, added: “We are proud to be partnering with the Middle Delta Electricity Production Company to bring the first-of-its-kind upgrade in the region to the Nubaria power plant. We are keen to continue working together to further support the government’s goals for the energy sector by implementing unique and innovative solutions to help meet Egypt’s growing electricity needs.”

The upgrades also are expected to improve the GE 9FA’s availability by 3.7 percent, allowing the unit to operate continuously for four years without any shutdowns. Additionally, the life cycle of the newly installed parts has doubled from six years to 12 years.

This project is a true reflection of GE’s continued support to the Ministry of Electricity and Renewable Energy’s goal to complete the maintenance and upgrade of existing power plants before the summer. It also reflects the company’s commitment to making a positive impact on the quality of life of Egyptians by helping provide a seamless supply of electricity during times of peak demand and particularly during the holy month of Ramadan.

GE has been a partner to Egypt for more than 40 years; today more than 140 GE gas and steam turbines are installed in country, generating more than 15.5 gigawatts of power, enough to meet the electricity needs of more than 15 million Egyptian homes. GE will continue to work with its partners to boost the efficiency of Egypt’s energy value chain, from discovery, generation, transmission, all the way to Egyptians at home. (Original Source)

Shares of General Electric closed last Friday at $32.06, down $0.53 or -1.63%. GE has a 1-year high of $33 and a 1-year low of $19.37. The stock’s 50-day moving average is $31.19 and its 200-day moving average is $29.97.

On the ratings front, General Electric has been the subject of a number of recent research reports. In a report released today, UBS analyst Shannon O’Callaghan maintained a Buy rating on GE, with a price target of $37, which represents a potential upside of 15.4% from where the stock is currently trading. Separately, on the same day, Goldman Sachs’ Joe Ritchie maintained a Hold rating on the stock and has a price target of $30.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shannon O’Callaghan and Joe Ritchie have a total average return of 14.6% and -2.7% respectively. O’Callaghan has a success rate of 79.3% and is ranked #64 out of 4081 analysts, while Ritchie has a success rate of 48.0% and is ranked #3113.

The street is mostly Bullish on GE stock. Out of 12 analysts who cover the stock, 6 suggest a Buy rating , 4 suggest a Hold and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $33.25, which represents a slight upside potential from current levels.


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