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GE: Industrial giant will stop building coal-fired power plants

GE: Industrial giant will stop building coal-fired power plants

Business
In a dramatic reversal, one of the world's biggest makers of coal-fired power plants is to exit the market and focus on greener alternatives.US industrial giant General Electric said it would shut or sell sites as it prioritised its renewable energy and power generation businesses.It comes ahead of a US Presidential election in which the candidates hold starkly different views on coal.NGO the Natural Resources Defense Council said the move was "about time".GE has said in the past it would focus less on fossil fuels, reflecting the growing acceptance of cleaner energy sources in US power grids.But just five years ago, it struck its biggest ever deal - paying almost £10bn for a business that produced coal-fuelled turbines. 'Attractive economics'In a stateme...