GE Cutting 12,000 Jobs as Renewables and Energy Storage Upend Fossil Fuels
When an electric energy pioneer like General Electric (NYSE: GE) reconfigures its entire energy business, investors should take note. That's exactly what happened last week when GE Power announced it would cut 12,000 jobs, or 18% of the division's workforce, reducing the company's exposure to traditional power plants.
What wasn't affected was GE's staffing or investments in renewable energy and energy storage. In fact, these emerging energy assets are what's disrupting fossil fuels more broadly. GE has made the first step to reducing exposure to fossil fuels -- now the question may be "What's next?"
Coal power plants like this one are being shut down by the hundreds, forcing GE to cut back on its power plant business. Image source: Getty Images.
Source: Fool.com
General Electric Co. Stock
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