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General Electric (GE) Arm Wins Gas Turbine Deal in Ireland

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General Electric Company (GE - Free Report) arm GE Gas Power and MYTILINEOS recently announced that they jointly secured a deal from the Electricity Supply Board of Ireland (ESB) to build a temporary gas-fired power plant in Dublin, within ESB's existing North Wall Power Plant.

Per the deal, General Electric and MYTILINEOS will join together for the construction and Operation and Maintenance (O&M) of the facility.

GE Gas Power will supply six GE LM2500XPRESS gas turbines to ESB's North Wall Power Plant. These turbines have an installed capacity of 200 megawatts. Initially, the temporary reserve power plant will be fueled by natural gas. When needed in the future, it will operate on blends of hydrogen fuel with small modifications. This process will further reduce the carbon emissions and will lower the carbon footprint for the facility. The Dry Low Emissions (DLE) combustor configuration allows up to 35-50% by volume of hydrogen when combined with natural gas. GE will construct the gas turbine units at its Manufacturing Excellence Center in Veresegyhaz, Hungary.


This deal will help Ireland in meeting electricity demand and ensure the stability of the electricity supply.

Zacks Rank & Stocks to Consider

GE carries a Zacks Rank #3 (Hold) at present. Some better-ranked companies are discussed below:

Applied Industrial Technologies, Inc. (AIT - Free Report) presently has a Zacks Rank #1 (Strong Buy) and a trailing four-quarter earnings surprise of 24.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

AIT’s earnings estimates have increased 4.6% for fiscal 2023 in the past 60 days. Shares of Applied Industrial have risen 34.8% in the past six months.

IDEX Corporation (IEX - Free Report) presently has a Zacks Rank #2 (Buy). IEX’s earnings surprise in the last four quarters was 5.7%, on average.

In the past 60 days, IDEX’s earnings estimates have increased 1.8% for 2022. The stock has rallied 28.4% in the past six months.

EnerSys (ENS - Free Report) delivered an average four-quarter earnings surprise of 2.1%. ENS presently carries a Zacks Rank of 2.

ENS’ earnings estimates have increased 0.6% for fiscal 2023 in the past 60 days. The stock has gained 22.1% in the past six months.

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