GE Joins Australian Government-Backed Initiative to Develop Carbon Capture and Storage Power Plants Worldwide

SCHENECTADY, N.Y. - GE Energy, a world leader in the development of advanced coal technology, today announced that it is joining an Australian government-supported initiative to facilitate the development and deployment of carbon capture and storage projects worldwide.

Under a memorandum of understanding signed by General Electric International and the Australian government, GE is becoming a founding member of the Global Carbon Capture and Storage Institute (GCCSI). The institute will provide international policy and management oversight with a goal of delivering commercial-scale CCS plants around the world. Australian Prime Minister Kevin Rudd’s government has pledged to provide up to $100 million per year to fund the institute.

"Coal is critical to Australia—and the world’s—power supply, and it is a multi-billion dollar export that is important to Australia’s economy and the thousands of jobs it supports. The long-term viability of this industry depends on our ability to use our technology and know-how to reduce CO2 emissions in the process of generating electricity from coal,” said Steve Sargent, CEO, GE Australia & New Zealand. “We applaud the Australian government’s commitment to work with industry to develop and implement solutions for reducing CO2 emissions. Forming the CCS Institute underscores Australia’s decision to take a leadership role in tackling the critical issues that threaten the long-term environmental health of our planet.”

“As a leader in IGCC technologies for power generation—a commercially proven technology that is well-suited for carbon capture—GE Energy heartily supports and plans to work to achieve the goals of the CCS Institute,” said Steve Bolze, vice president, Power & Water, GE Energy. “We recognize the urgent need for a global portfolio of commercial-scale CCS technology projects that can utilize coal, one of the world’s most abundant and available resources, to help meet both the growing demand for energy and increasing environmental regulations.”

Other members of the CCS Institute include other leading multi-national corporations.

According to the International Energy Agency, world energy demand is expected to grow by 45% between 2006 and 2030. Despite the rising importance of renewable energy, fossil fuels, especially coal, are expected to remain major sources for the world’s energy in the coming decades. For example, about 80% of Australia’s electricity currently comes from coal-fired power generation.

GE Energy’s proven IGCC gasification process converts coal and other heavy fuels into a high-value fuel, known as synthesis gas or syngas. The syngas is cleaned and then used in efficient combined-cycle systems to generate electricity. GE Energy has been at the forefront of IGCC technology since Cool Water, the first IGCC demonstration plant, which came online in Southern California in 1984. GE’s IGCC technology has been in commercial operation at the 250MWTECO Polk I station in Florida for more than 12 years. More than 33 GE licensed industrial gasification facilities around the globe currently separate CO2.

Duke Energy is now proceeding with a 632MW IGCC project at Edwardsport, Ind.; using GE Energy’s IGCC technology; it is expected to come on line in 2012.

About GE Energy
GE Energy (www.ge.com/energy) is one of the world’s leading 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. Numerous GE Energy products are certified under ecomagination, GE’s corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.

About GE
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at http://www.ge.com. GE is Imagination at Work.