March 07, 2016 13:15 ET

GE Power President and CEO Steve Bolze Highlights Key Power Aspects of the Company's Annual Report

SCHENECTADY, NY--(Marketwired - Mar 7, 2016) -  GE (NYSE: GE)

Industry Need

Some of the world's energy needs are very simple to state. Today, more than a billion people still live without electricity; another two billion have inadequate supplies. And 20 years from now, global demand for electricity will increase by 50%. Across power-intensive industries, utilities and power producers are seeking partners who can help them navigate through a complex and challenging environment and deliver the right balance of affordable, accessible, reliable and sustainable power.

Our Solution

At GE Power, we are fully engaged in the digital transformation of energy, building integrated software solutions for customers from generation through to transmission and distribution. Combined with our industrial know-how, our digital solutions span many forms of fuel sources of power generation and hardware helping customers connect every sensor, asset and piece of operational data to optimize outcomes across assets, operations and their entire business. We are leveraging all the creativity and insight of the GE Store and are the fastest growing portion of GE's digital portfolio.

In 2015, we launched Digital Power Plant, a suite of software applications, powered by Predix, that helps deliver more power, higher reliability, greater efficiencies and lower emissions. The Digital Power Plant can generate up to $50 million of incremental value over the life of an existing plant, and up to $230 million for a new one.

We are co-partnering with our customers to use Predix-powered software and digital solutions to solve their greatest challenges. One such partner is Qatar's RasGas Company Limited, one of the world's largest producers of liquefied natural gas. We are using GE's Asset Performance Management application to help them lower unplanned downtime, extend the life of their assets, reduce operating costs and optimize their supply chain. Another great example is Exelon, one of the largest and most innovative energy providers in the U.S. Exelon is one of our first customers to deploy the Digital Power Plant and implement a suite of enterprise-wide software technologies across three fuel sources -- nuclear, gas and wind.

At the same time, we are transforming our very own business, creating end-to-end digital connections across our operations to benefit our customers. This Digital Thread weaves together several initiatives -- design system integration, model-based enterprise and virtual manufacturing. The advantages of the Digital Thread are enormous: allowing us to "see" more and to deliver better outcomes for our customers, while generating nearly $900 million in productivity savings over the next three years.

Changing Our Culture

In GE Power we're changing the way we work -- embedding digital into everything we do. Leveraging a FastWorks mindset to empower employees to change their workspaces and create tools that facilitate collaboration; digitizing our processes and creating end-to-end connections; building brilliant factories that predict, adapt and react more quickly to better deliver for our customers. Our experience is showing that truly becoming digital requires a culture change -- an environment of openness, information transparency, trust, candor, speed and clear accountability -- all focused on being the best and most competitive in all that we do. This is what we stand for and in its essence is the new GE.

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