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General Electric plant in Belfort. Photo: Thibault Camus / AP
General Electric announced it is slashing 12,000 jobs to save $1 billion in its electrical power division, which helps produce about one-third of the electricity around the world. That an 18% cut for the division, per CNN. Reuters reports staff in Switzerland and Germany are badly hit by the changes.
Be smart: This shows that renewable energy is taking its toll on traditional power, reducing the need for its business by 40%, per CNN. GE acknowledged that "overall growth in renewables" contributed to the decision to move forward with the cuts, in addition to overcapacity and fewer outages. Siemens, which has also been hit by growth of renewables, is cutting 6,900 jobs,
- The climate change factor — "traditional utility customers have reduced their investments due to…uncertainty about future climate policy measures," per Reuters.
- Competition in Asia has increased price pressures, Reuters reports.
GE is the worst-performing stock in the Dow right now, down 44% this year. The Dow is in talks to drop GE, per CNN.