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General Electric Company GE announced that Taiwan Power Company’s (TPC) Tung Hsiao Power Plant, located in Miaoli County, has begun grid-connected trial runs in January 2023. The power plant uses six GE LM2500XPRESS aero derivative gas turbines.

The turbine units are capable of delivering up to 180 megawatts (MW) of electricity to support the energy requirement of the nearby offshore wind farms under construction. The gas turbines are able to run on high blends of hydrogen to support TPC’s decarbonization goals. GE aims to increase the blending of hydrogen and natural gas until they run on 100% hydrogen.

The Tung Hsiao Power Plant upgrade is a unique aero derivative gas turbine technology installation in Taiwan with features like an eight-minute fast start from cold metal to full load and the ability to perform daily starts without impacting maintenance cycles.

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The construction of the project started in February 2022 and it was completed within 10 months. The new plant will help Taiwan in the coal-to-gas transition, manage energy shortages, stabilize the grid and will support its target of achieving net-zero emissions by 2050. The Tung Hsiao Power Plant also supports Taiwan’s Renewable Energy Development Act (REDA) energy policy, which aims to accelerate the gas-fired power ratio to 50% by 2025.

“This plant plays a crucial role in supporting the diversification of energy sources in Taiwan. We are proud to provide fast, flexible and more sustainable aero derivative gas power—on or off the grid—to support TPC in their energy transition program and support the increased use of renewable solar and wind power,” said Ramesh Singaram, CEO of GE Gas Power for Asia.

Zacks Rank and Stocks to Consider

GE currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked companies are discussed below:

Deere & Company DE presently sports a Zacks Rank #1 (Strong Buy). DE’s earnings surprise in the last four quarters was 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

In the past 60 days, estimates for Deere & Company’s fiscal 2023 earnings have increased 8.7%. The stock has rallied 10.4% in the past six months.

Ingersoll Rand Inc. IR presently carries a Zacks Rank #2 (Buy). IR’s earnings surprise in the last four quarters was 8.5%, on average.

In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 1.7%. The stock has gained 10.4% in the past six months.

AGCO Corporation AGCO presently has a Zacks Rank of 2. AGCO’s earnings surprise in the last four quarters was 13.4%, on average.

In the past 60 days, estimates for AGCO’s 2023 earnings have increased 2.2%. The stock has rallied 18.4% in the past six months.

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