Power surge

24 September 2010 By James Pethokoukis

The GE boss castigated Washington for neglecting the U.S. energy industry, calling current policy stupid. Immelt was talking his own book a third of GE profit last year came from its power unit. But the lack of a comprehensive energy strategy is still an economic drag.

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The U.S. energy grid is a relic that is not capable of sustaining electric cars or other renewable initiatives on a large scale, the chief executive of General Electric said on Sept. 24.

Jeffrey Immelt told the GridWise global energy forum in Washington that the lack of an effective U.S. energy policy was holding back the ability of investors and business to transform innovation into a bankable commercial industry.

On a national smart grid we've done nothing, Immelt said. We have to face a couple of realities if we want to be successful. It has to be bigger and smarter. In some places it's 100 years old.

The company expects its Ecomagination business which encompasses everything from solar panels to moreefficient jet engines to generate about $20 billion in revenue this year.

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