GE selected to supply wind turbines for proposed Cape Wind project; Offshore wind farm would feature latest GE technology
BOSTON--Jan. 21, 2003--GE Wind Energy, a unit of GE Power Systems, has been selected by Cape Wind LLC, of Boston, Massachusetts to supplyits latest wind turbine technology for the proposed Cape Wind project. The 468-megawatt (420 net-megawatt) project, proposed to be located off the coast of Cape Cod, Massachusetts, could provide enough clean electricity to meet about three-quarters of the annual requirements of the Cape and nearby islands, or approximately half a million average American homes. For more information on the project, visit: www.capewind.org. Proposed in response to Massachusetts legislation supporting the addition of 4% of renewable energy by 2009, the project would be the first offshore wind farm in the United States, and largest offshore wind project in the world. If approved and completed in accordance with the proposed plan, it would be operational in 2005, with GE supplying 130 wind turbines. We are very pleased to have been chosen to help bring this world-class wind power project to the Commonwealth of Massachusetts, said Steve Zwolinski, president of GE Wind Energy. As evidenced by its 31% growth rate globally over the past six years, wind power has emerged as the most practical renewable energy solution. While interest in wind as a viable energy option is rapidly increasing in the U.S., Europe is leading the world through its very aggressive renewable energy policy. In Germany, for example, 4% of the total electricity consumption is generated from wind; in Denmark it's 17%. In contrast, less than one percent of the electricity supply in the U.S. is currently wind driven.
GE Wind Energy is part of one of America's most successful technology companies, and we're delighted to have selected GE to provide the wind turbines for the Cape Wind project. said Jim Gordon, president of Energy Management, Inc. (EMI) and managing general partner of Cape Wind. Gordon also remarked that EMI has worked successfully with GE over the past 20 years. Together, we teamed to build and operate some of the cleanest and most efficient natural gas-fired power plants in New England. We look forward to continuing our successful relationship with GE to produce lower electric costs for consumers, increased energy independence, and a healthier environment for Massachusetts and the region.
The GE wind turbines selected for the project are 3.6-megawatt machines which represent the most advanced wind power technology in the world. In September of 2002, a prototype GE 3.6- megawatt machine connected to the grid in Spain became the world's first offshore-designed wind turbine over three megawatts to produce commercial power. Designed specifically for offshore applications, the 3.6-megawatt wind turbine is based on the proven technology of GE's 1.5-megawatt wind turbine series. More than 1,200 of the 1.5- megawatt units are in operation worldwide. The development of the 3.6 megawatt technology is evidence of GE's long-term commitment to wind energy, said Zwolinski. We are calling on the total resources of the General Electric Company as we invest in technology to continue increasing the output, efficiency and commercial viability of wind turbines. Synergies with several GEbusinesses - including GE Plastics, GE Transportation, GE Aircraft Engines and the GE Global Research Center - will play a valuable role as we continue to move forward with wind turbine development. As technology advances and the installed base of wind turbines grows, the cost of wind-generated electricity is becoming competitive with other energy options. This is a key factor in positioning wind power as an increasingly important source of clean energy for the 21st century, Zwolinski noted. Adding wind turbine technology to GE Power Systems' line of environmentally friendly power generation options supports the company's on-going commitment to provide customers with the broadest possible range of clean energy solutions. GE Power Systems recently reported that in 2003, approximately 85% of its total revenues will come from cleaner, more efficient or renewable energy technologies. GE Wind Energy designs and manufactures wind turbines with rated outputs of between 900 and 3,600 kilowatts, and offers support services ranging from project development to operation and maintenance. Worldwide, the company has developed and/or sold over 5,500 wind turbines with a rated capacity exceeding 3,100 megawatts.
About GE Power Systems GE Power Systems (www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with estimated 2002 revenues of nearly $23 billion. Based in Atlanta, Georgia, GE Power Systems provides equipment, services and management solutions across the power generation, oil and gas, distributed power and energy rental industries.
About General Electric Company GE (NYSE:GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
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