GE Energy announced that the Kuwait Ministry of Electricity and Water has signed a turnkey contract with GE Energy and Hyundai Heavy Industries totaling $2.65 billion for a new 2,000-megawatt power plant in Sabiya.

The Government of Kuwait-owned plant will allow Kuwait to boost its electricity production to help meet growing demand.

Under its share of the contract, totaling $1.3 billion, GE Energy will supply equipment and provide long-term services. On the equipment side, GE Energy will supply three combined-cycle power blocks Incorporatedluding six Frame 9FA gas turbines, three steam turbines, nine generators and a turbine and plant level control protection system. Hyundai Heavy Industries of South Korea will be in charge of engineering, procurement and construction for the Sabiya plant.

GE Energy also will operate and maintain the plant for seven years from the beginning of commercial operations. The comprehensive services include GE Energy’s technical experience and support to facilitate availability of power during the summer months, when demand is at its peak. GE Energy will assign a highly skilled workforce to run the power station and provide training to the Ministry of Electricity and Water employees to enable them execute efficient power plant operations.

GE Energy will start shipping equipment from the middle of 2010.

GE Energy is one of the world’s foremost suppliers of power generation and energy delivery technologies, with 2008 revenue of $29.3 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

General Electric Company (GE) is a global infrastructure, finance and media company. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, it serves customers in more than 100 countries and employs more than 300,000 people worldwide. Major competitors include Siemens AG (SI) and United Technologies Corporation (UTX).

We currently have a Neutral recommendation on the company.

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