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cover of episode What Thomas Edison’s legacy looks like in the 21st century

What Thomas Edison’s legacy looks like in the 21st century

2024/12/5
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Zero: The Climate Race
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Akshat Rati
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Scott Strazik
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Akshat Rati: 爱迪生不仅是一位伟大的发明家，更是一位杰出的企业家。他将自己的发明转化为商业成功，创立了一系列公司，最终这些公司合并形成了通用电气公司(GE)。GE曾经是全球最大的公司之一，但如今已经拆分为三家独立公司，其中GE Vernova继承了爱迪生在电力领域的遗产，专注于风能、核能、碳捕获和电网解决方案等领域。 Scott Strazik: GE Vernova 负责全球25%的电力供应，我们感到肩负着巨大的责任和历史使命。我们致力于转型电力系统，同时实现脱碳化。我们的名字Vernova，寓意着绿色创新(Verde, green, Nova, new)。我们不仅要继承GE百年来的辉煌历史，更要适应时代变化，引领电力系统的脱碳化进程。我们正处于一个投资超级周期的早期阶段，拥有巨大的增长机遇。 我们优先发展可再生能源，但天然气作为一种过渡能源，能够促进可再生能源的发展，并在满足电力需求方面发挥关键作用。天然气在未来能源体系中的比例会下降，但其在未来十年仍将保持增长。电池储能技术主要用于满足日常峰值电力需求，而天然气则能够满足季节性峰值电力需求。 我们的风能业务中，陆上风电业务盈利能力较强，而海上风电业务目前仍处于亏损状态，但我们正在努力改进技术和运营，以提高盈利能力。海上风电行业正在经历一个重置过程，需要时间来恢复健康。 我们致力于应对极端天气事件带来的挑战，并通过改进电网基础设施来提高其韧性。变压器短缺是由于长期缺乏增长导致的，我们正在加大投资以解决这一问题。 我们正在研发新的碳捕获技术，以降低燃气发电厂的碳排放。配备GE Vernova碳捕获装置的燃气发电厂预计将在未来十年内投入运行。小型模块化核反应堆将在2029年在加拿大投入运行，我们还在全球多个地区开展了相关项目。 我们通过投资碳捕获、氢燃烧等技术来实现燃气发电的脱碳化。人工智能带来的电力需求增长对脱碳化有利，因为它能促进对脱碳技术的投资。未来对电网的投资将大幅增加，以提高其效率和适应性。未来对电网的投资将超过发电设施的投资，这将进一步推动化石燃料的替代。我们选择在剑桥设立总部，旨在吸引年轻一代人才参与到电力系统的转型中。

Deep Dive

Key Insights

What is GE Vernova's role in the global electricity system?

GE Vernova is responsible for 25% of the world's electricity, generated through its equipment in partnership with customers. The company focuses on transforming and decarbonizing the electric power system, with a portfolio that includes wind turbines, nuclear power, carbon capture, and grid solutions like software and batteries.

Why are investors optimistic about GE Vernova's growth?

Investors are optimistic because GE Vernova is positioned at the early stages of an investment super cycle in the electric power system, similar to past cycles like globalization and the internet. The company is expected to grow significantly as it serves markets and drives decarbonization, with its share price already showing strong performance since its initial listing.

What challenges does GE Vernova face in the offshore wind business?

GE Vernova's offshore wind business is struggling due to long project cycles, economic challenges, and a need for industry-wide pricing resets. The company is working to improve execution and manufacturing processes, particularly after issues with blade breakages and installation difficulties in 2023.

How is GE Vernova addressing the transformer shortage in the U.S. and Europe?

GE Vernova is investing in expanding its transformer manufacturing capacity, such as doubling production at its UK facility in Stafford. The shortage stems from a lack of growth in the industry over the past 15 years, and the company is now scaling up to meet the steep increase in demand.

What is GE Vernova's approach to decarbonizing its gas power business?

GE Vernova is investing in carbon capture technology and hydrogen combustion for its gas turbines. The company aims to make 100% of its gas turbine fleet hydrogen combustion capable by 2030, while also developing technologies to economically capture carbon from gas power plants.

How does GE Vernova view the growing electricity demand from AI and data centers?

GE Vernova sees the growing electricity demand from AI and data centers as an opportunity to accelerate decarbonization. The company believes that hyperscale customers, who are committed to sustainability, will drive investments in low-carbon technologies, enabling faster industrialization of decarbonized solutions.

What is GE Vernova's strategy for small modular nuclear reactors?

GE Vernova is developing small modular nuclear reactors (SMRs) using existing boiling water reactor technology. The first 300-megawatt SMR is set to begin construction in 2025 and will be operational in Canada by 2029. The company is also exploring opportunities in the U.S., Poland, the UK, and Scandinavia.

How is GE Vernova making the grid more resilient to extreme weather events?

GE Vernova is focusing on undergrounding grid infrastructure in storm and wildfire-prone areas to create a sturdier electric power system. The company is also committed to decarbonizing and electrifying the world to reduce the frequency of extreme weather events caused by climate change.

Chapters
This chapter explores Thomas Edison's lasting impact, particularly his role in founding GE and the subsequent creation of GE Vernova, which focuses on renewable energy and grid solutions. It also introduces Scott Strazik, CEO of GE Vernova, and touches upon the company's recent success and future challenges.
  • Thomas Edison's inventions and business ventures formed the basis of GE.
  • GE Vernova, a spin-off of GE, is focused on wind turbines, nuclear power, carbon capture, and grid solutions.
  • GE Vernova's stock price has increased significantly since its creation.

Shownotes Transcript

General Electric Co was officially founded in 1892, when several of inventor Thomas Edison's ventures were consolidated into one company. From then on, it was a behemoth. But now that’s changed: A break-up that began last year has concluded with GE splitting off into three separate companies. Scott Strazik is the CEO of GE Vernova, which focuses on wind turbines, nuclear power, and carbon capture, as well as grid solutions such as software and batteries. Strazik joins Zero to talk about how the company is in the "early innings of an investment super cycle," and how it intends to overcome difficulties in offshore wind.  Explore further:

Zero is a production of Bloomberg Green. Our producer is Mythili Rao. Special thanks this week to Will Mathis, Siobhan Wagner, Monique Mulima, Ethan Steinberg, Blake Maples, and Jessica Beck. Thoughts or suggestions? Email us at [email protected]. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green).

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