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GE Power
GE & Caithness Announce Innovative Power Deal that Could Exceed $1B to Build Multiple HA Combined-Cycle Power Plants in US



March 9, 2017

GE (NYSE: GE) and Caithness Energy announced an exclusive agreement with the intent to pursue development of multiple new HA combined-cycle power plants in the United States. The equipment package that GE will deliver as part of the agreement has a total value that could exceed $1 billion. The package is configured to include up to six high-efficiency HA gas turbines, six steam turbines, six heat recovery steam generators and other equipment - known as the power island. The agreement is expected to be effective March 31, and the plants are projected to be developed throughout 2017 and 2018.

"We're thrilled to continue our longstanding relationship with GE and expand our fleet of HA power plants across the United States," said Les Gelber, president, Caithness Energy. "We're currently working to bring a new HA plant on line in Pennsylvania in 2018, and with this exclusive agreement Caithness will become the owner of the largest fleet of HA gas turbines - GE's most efficient turbine - anywhere in the world."

The HA gas turbines included in the agreement will be manufactured at GE's Greenville, SC facility, and the steam turbines will be built at GE's Schenectady, NY facility. In addition to the equipment, GE expects to provide multi-year service agreements for the continued maintenance and operation of each plant. GE expects to record the orders for the equipment and services over the next 24 months.

"GE's HA and power island technology continue to be two of our greatest competitive advantages, winning business and delivering for our customers," said Steve Bolze, president and CEO, GE Power. "Our strategic relationship with Caithness, a long-time partner, proves that the market continues to want more flexible and efficient technology that can help make power more affordable, reliable, accessible and sustainable."

This agreement will add to Caithness's growing fleet of HA gas turbines --bringing its total number to up to eight turbines. Two HA gas turbines are included in a new power plant being built by Caithness Energy and Moxie Energy in Salem Township in Luzerne County, Pennsylvania. The Caithness Moxie Freedom generation plant - a 1,029 megawatt facility - will tap natural gas from the Marcellus Formation. It will generate the equivalent electricity needed to power approximately 1 million American homes when the plant comes online in 2018.

The HA is GE's largest and most efficient gas turbine. In June of 2016, GE was recognized for powering the world's most efficient combined-cycle power plant with its HA technology, which today delivers even greater efficiency. The HA technology that will be delivered to Caithness will enable greater than 63% net plant efficiency on a standard condition basis. GE's HA technology also offers industry-leading flexibility - capable of delivering full power to the grid in under 30 minutes - enabling power generators to maintain stable power production and reliably accommodate grid variations through quick start up, rapid load changes and other features. GE's HA gas turbines are the fastest growing fleet of gas turbines in the world with 58 units ordered to date.

About GE Power

GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. We are transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as our data-leveraging software. Our innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.

For more information, visit the company's website at www.gepower.com. Follow GE Power on Twitter @GE_Power and on LinkedIn at GE Power.

About GE

GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

For more information:

Organization:
General Electric (GE)
http://www.ge.com

Contact:
Katie Jackson
GE Power
Tel: + 1518-385-5976
E-mail: katie.jackson@ge.com


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