General Electric Company (NYSE:GE): Power Business Distributor Wins A Gas Engines Contract

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Dallas, Texas 05/29/2014 (FINANCIALSTRENDS) – General Electric Company (NYSE:GE)’s GE Power & Water announced that its authorized Australian distributor Clark Energy has won a business contract from Australia Pacific LNG to deliver 19 new Jenbacher gas engines. Australia Pacific LNG is a joint venture entity of Origin Energy, ConocoPhillips and Sinopec. Australia Pacific plans to use these 3 MW Jenbacher J620 gas engines at two on-site power projects located around rural Queensland. These engines will generate total of 57 MW of electricity in aggregate at two CSG (Coal Seam Gas) processing facilities which are under constructions.

Contract Details

General Electric Company (NYSE:GE) revealed that its Australian distributor Clarke Energy will be responsible for the ownership, operation and maintenance at both of the power projects in rural Queensland. Clarke Energy will provide this service through its team of experienced staff and network of field service technicians. To ensure safety and operations efficiency, Australia Pacific LNG will employ Clarke Energy’s modular power station concept and the gas engines will be placed in a separate enclosure.

As per the contract terms, Clarke Energy will be responsible to build and operate two temporary power stations with 30 MW (10 gas engines) capacity at Reedy Creek and 27 MW (9 gas engines) capacity at Eurombah Creek in rural Queensland. Until the permanent availability of electrical infrastructure, Clarke Energy’s temporary modular set up will supply constant power supply to both of these facilities.

GE Power & Water

General Electric Company (NYSE:GE)’s GE Power & Water provides power equipment, engines and services through its Distributed Power segment. The company specializes in power generation right at the point of use. The company is witnessing strong business demand for oil and gas production technologies and services, water filtration and power energy in Australia, largely driven by the emphasize on developing its energy infrastructure.

Stock Update

On Wednesday, the stock of General Electric gained 0.34% and closed at $26.66. The stock has gained approximately 4.6% over past three months.

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