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General Electric (GE) Wins Power Plant Deal in Louisiana

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General Electric Company’s (GE - Free Report) business unit GE Gas Power recently announced that it secured a deal from Kindle Energy to offer a HA.03 combined cycle plant equipment for the latter’s natural gas-run 725 megawatt (MW) Magnolia Power Plant. The facility will be constructed in Plaquemine, LA.

The Mangolia Power plant will include a GE 7HA.03 gas turbine, a triple pressure with reheat Heat Recovery Steam Generator, an STF-A650 steam turbine and the Mark VIe Distributed Control System (DCS) software solution. The gas turbine in the power plant is the second of its kind in North America. The steam turbine has two casing, including a combined Intermediate Pressure and Low Pressure (IPLP) unit and an independent High Pressure (HP) section.  It uses General Electric’s ST modularized approach, ensuring maximum reliability and availability.

Upon commencing operations in 2025, the plant is expected to be most efficient in the MISO South system. It will also support the current energy transition process in the region.

Initially, the plant will be powered by natural gas (with a capacity to use 50% hydrogen by volume on easy availability). The project is expected to create hundreds of construction jobs at the site and some long-term full-time jobs as well.

Zacks Rank & Stocks to Consider

GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the conglomerates sector are discussed below.

Carlisle Companies (CSL - Free Report) sports a Zacks Rank #1 (Strong Buy), currently. CSL pulled off a trailing four-quarter earnings surprise of 28%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, Carlisle’s earnings estimates have increased 14.7% for 2022. The stock has rallied 26.5% in the past six months.

Griffon Corporation (GFF - Free Report) has a Zacks Rank #2 (Buy) at present. GFF delivered a trailing four-quarter earnings surprise of 104.6%, on average.

In the past 60 days, Griffon’s earnings estimates have increased 3% for fiscal 2022 (ending September 2022). The stock has surged 35.2% in the past six months.


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