1. Mark Dudzinski
GE Energy General Manager, Global Marketing
U.S. Stimulus Package Program
quot;Results are preliminary and unaudited. This document contains “forward-looking statements”- that is, statements related to future, not past, events. In this context, forward-looking statements
often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” believe,” “seek,” or “will.” Forward-looking statements
by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could adversely or positively affect our future results include: the behavior of financial
markets, including fluctuations in interest and exchange rates, commodity and equity prices and the value of financial assets: continued volatility and further deterioration of the capital markets;
the commercial and consumer credit environment; the impact of regulation and regulatory, investigative and legal actions; strategic actions, including acquisitions and dispositions; future
integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real
estate and healthcare industries; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties
may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.“
“This document may also contain non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to
investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAP measures
presented in this document, see the accompanying supplemental information posted to the investor relations section of our website at www.ge.com.”
“In this document, “GE” refers to the Industrial businesses of the Company including GECS on an equity basis. “GE (ex. GECS)” and/or “Industrial” refer to GE excluding Financial Services.”
GE’s portfolio
• 4 businesses operating in more than 100 countries … 125+ years
• ~300,000 employees worldwide
• 2008 revenue $183B
Energy Technology GE NBC
Infrastructure Infrastructure Capital Universal
• Power & Water • Aviation • Aviation Financial Services • Cable
• Energy Services • Enterprise Solutions • Commercial Finance • Film
• Oil & Gas • Healthcare • Energy Financial Services • International
• Transportation • GE Money • Network
• Treasury • Sports & Olympics
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2. GE Energy Infrastructure
($ in billions) AAGR
$38.6 24%
$30.7
$6.1 31%
$25.2
Revenue $4.8
Growth driven by:
$3.5
• Diverse product offerings
• Global demand
Operation • Strong equipment sales
Profit
• Investing in technology
‘06 ‘07 ‘08
Business is growing globally
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Power & Water
‘08 revenue $23 billion
Power Water
• Heavy duty gas turbines • Jenbacher gas engines • Process chemicals
• Aeroderivative gas turbines • Wind turbines • Water chemicals
• Generators • Photovoltaic solar • Equipment & membranes
• Steam turbines • Gasification • Residential
• Combined cycle systems • Nuclear • Mobile water
• Structured projects
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3. Energy Services
‘08 revenue $10.3 billion
Outage Optimization
Services Contractual T&D Environmental & Control
• Inspection & • Turbines • Smart Grid • Emissions • Asset condition
repair • Power island • Grid reduction & monitoring
• Uprates decongestion control (NOx, • Control solutions
• Balance of
Hg, PM)
• Life extension plant • Metering • Optimization &
solutions • Thermal diagnostic
• Multi-vendor • Emissions
testing performance software
services • Automation services
• O&M systems • Comprehensive
• T&D projects plant services
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American Recovery & Reinvestment
Act of 2009
10.8 46.2
2.7
7.2
3.3
12.7
Plus $30-60B in
5.0 additional customer
4.5 spend
Smart BPA Energy Fossil Broad America Bonds/ Energy
Grid WAPA Efficiency Energy Band Competes Guarantees Segment
~$100 billion energy related spend
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4. U.S. Stimulus package
Funding for new and existing programs
1 Production tax credit or 30% investment tax
credit or grants (wind)
• Developer / owner gets the benefit
2 Fund existing programs
• More “shovel ready”
3 T&D – funding goes to federal agencies … example
Stimulus DOE GE Customer
Funding 1st proposed rules ...
Customer + GE GE
2nd solicitation
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Smart Grid
The marriage of IT with our electrical
infrastructure to support our 21st Century
energy needs
• Resource efficiency … supports high
penetration of wind, distributed solar and
Combined Heat & Power (CHP)
• Energy efficiency … advanced controls to
reduce transmission & distribution losses
• Consumer efficiency … enables
consumers to manage energy usage and costs
• Asset efficiency … monitoring to fully utilize
and extend life of existing assets
• Operating efficiency … remote monitoring
& control to improve reliability and resource
utilization
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5. U.S. stimulus impact
Approved T&D spending measures T&D smart grid revenue
Measure Incremental revenue orders
Modernization of the nation’s electricity grid
Electricity transmission systems investment
Extend broadband internet
$4-5B
Loan guarantees for renewable energy
systems and electric transmission projects
Funding Controlling agency
$4.5 B DOE … Smart Grid
$6.5 B WAPA & BPA
$5.6 B NTIA and/or USDA
$8.0 B DOE … Guarantees '10E '12E
Estimates: 60–75% spend over 3-5 years
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GE advocates Smart Grid solutions
Equipment
System GE benefits
integration
• Deliver solutions …
Smart Grid not just product
applications
• Renewable generation
Automation
& control GE is • Energy efficiency
very well
Distribution • Demand management
positioned
equipment Asset optimization
Metering • PHEV’s friendly
infrastructure
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6. Stimulus: renewables provisions & impact
Key provisions Annual U.S. Wind installs
• 3 yr. extension of PTC (GWs)
• Option to convert PTC to 30% ITC 11-14
Without stimulus
• Option to receive Treasury grant for 30% ITC With stimulus 9-12
Industry implications 7-9
8
• Longest ever, 46 mo. PTC runway 5-7
• Treasury grant option delivers tax credit
monetization certainty
• Stable bridge to Federal RES …
4 4
potentially 2H09 3
2
• Financing, power demand & large industry
backlog delaying new turbine orders ‘08 ‘09 ‘10 ‘11 ‘12
Source: GE + AWEA analysis
U.S. Stimulus should provide $5-10B incremental revenue from 2010-2012
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Other areas
where we
play
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7. Utility-scale PV
Complete solar system kit
Racking system Thin film PV GE inverter Cabling Monitoring &
modules security
“GE offers a 1.5MW solar power plant kit, designed for ease of installation, optimized
for performance, and delivered with excellent GE execution and reputation”
System specs 1.5MW “Plug & play” advantages
Area 10-14 acres • GE reliability and execution
Production 2,100 MWh/yr • Grid friendly and GE controls
System life >20yrs • Simplified and scalable
• Cost competitive
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Renewable generation
Conditioned GE’s Jenbacher
Gasifier syngas Gas engine
Fuel
storage bin
Analysis for 8 MW power plant
Sensitivity: Capex vs. simple payback
Simple payback (yrs)
16
14 1.0 Capex
12 0.75 Capex
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8
6
$(10.00) $- $10.00 $20.00 $30.00
Biomass cost ($ dry ton) 14
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8. Waste Water generation
• Generate electricity from waste gas
• GE’s Jenbacher gas engines … global leader
• Projects in process
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Energy efficiency
Combined Heat & Power: High efficiency AC Motors
The simultaneous production of electricity
and heat from a single fuel source…i.e.
natural gas, biomass, biogas, coal, waste
heat, or oil.
Example
• Pays for itself in 1½ years
• Annual electrical savings >$1,000
• Reduces carbon dioxide emissions
by 8.4 tons every year
• Equivalent of 1.5 cars off the road
• Equivalent of 2.1 acres of trees
planted
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9. U.S. Stimulus and gasification/IGCC
Appropriations Tax credits
$3.4 billion for DOE coal FE programs: • 30% ITC includes CCS
• $1B Fossil Energy research programs
Energy conservation bonds
• $800MM increase for Clean Coal
• Raises tax credit to $3.2B bonds – now
• $1.52B new industrial CCS demos
includes CCS R&D & Commercial
• $80MM CCS site characterization, projects
R&D, training
March Notices of Intent May Solicitations
30 day bid response
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GE Energy … broad footprint
Well positioned to realize Stimulus Benefit
Timing and Impact:
• Treasury related
– need grant rules
– helps 2009
– full potential 2011
• Existing programs … fast start for in process programs
– GE upside … new programs with large deployments
• Smart Grid … big upside … larger GE benefit
if focus is jobs with grid performance
$100B+ industry impact
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10. GE Energy
U.S. Stimulus Package Program
Mark Dudzinski
General Manager, Global Marketing
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