US industrial giant General Electric cited the growing clout of renewables in the global electricity sector as it announced plans to cut 12,000 jobs at its GE Power division, which focuses on supplying equipment such as gas and steam turbines.
The cuts – representing about 20% of GE Power’s global workforce – were “driven by challenges in the power market worldwide”, GE said, as it joined fellow global equipment supplier Siemens in taking drastic action to realign its exposure to conventional generation.
