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24 Jun 2024

GE VERNOVA SHARES SOLUTIONS TO FURTHER STRENGTHEN THE CONTINENT'S POWER SECTOR AT AFRICA ENERGY FORUM 2024

GE VERNOVA SHARES SOLUTIONS TO FURTHER STRENGTHEN THE CONTINENT'S POWER SECTOR AT AFRICA ENERGY FORUM 2024

BARCELONA, Spain June 19, 2024 - As countries across Africa continue addressing their respective energy challenges, requiring diverse solutions for unique situations, GE Vernova Inc. (NYSE: GEV) remains committed to keep electrifying and decarbonizing the continent and will be a lead sponsor of the Africa Energy Forum taking place in Barcelona, Spain from June 25 - 28, under the theme Energy Systems of the Future – Balancing Africa’s Needs with Global Goals. The event brings together the continent’s key stakeholders, investors, and future leaders, covering vital areas such as project developments, technology innovations, and cross-sector opportunities and collaborations.

A recent report reveals that about 600 million people in Sub-Saharan Africa – up to 50% of the region’s population – do not have access to electricity. Moreover, power demand is forecasted to grow further by about 3% in 2024, emphasizing the need to balance energy transition aspirations with electricity availability. GE Vernova’s team of industry experts plan to exchange ideas on and share best practices to accelerate the path to more reliable, affordable, and sustainable energy for the continent at several sessions at the Africa Energy Forum, including: Tackling Grid Challenges to Improve Energy Systems; The African Gas Conundrum: Is it a Transitional Enabler or Not?; Investing in Senegal: A World Class Energy Partner; and Leveraging New Technologies to Lower Emissions and Promote Balance Across Energy.

Joseph Anis, President & CEO of Europe, Middle East & Africa for Gas Power at GE Vernova says: “Progress is indelibly linked to uninterrupted power supply in modern society. Investing in reliable and affordable electricity generation is as critical as advancing lower carbon power to support health, connectivity, safety, security, and improved quality of life. Accelerating Africa’s energy transition efforts will require cross-sector collaboration among the public, private, and not-for-profit sectors; the strategic deployment of multiple energy sources, including renewables and gas power; and investments in the grid together with software solutions. These steps can enable substantive reductions in emissions quickly and at scale, while advancing the technologies for low or near-zero carbon power generation and helping to meet the continent’s growing energy needs.”

GE Vernova spun-off from GE (NYSE: GE) and began trading as an independent company on the New York Stock Exchange (NYSE) on April 2, 2024. With approximately 55,000 wind turbines and 7,000 gas turbines globally, the company's technology base helps generate about 25% of the world's electricity and has a meaningful role to play in the energy transition. In Africa, GE Vernova-built technologies comprise up to 40% of installed power generation capacity. The company serves up to 260 customers across the continent and has a legacy of over 120 years of presence in Africa, supporting the development of critical infrastructure. It works across the electricity value chain on the continent, from generation through various power sources including wind, hydro, gas, and more, to providing transmission, distribution, and software solutions.

 

More from Joseph:

 

Joseph Anis, President & CEO of Europe, Middle East & Africa for Gas Power at GE Vernova says, “At GE Vernova, we have a legacy of over 120 years of presence in Africa, a portfolio spanning across various generation sources including hydro, wind, gas, and more, as well as grid and electrification software solutions. Today, GE Vernova technologies comprise up to 40% of the continent’s installed power generation capacity, and we remain committed to continue supporting the continent’s energy transition. Addressing the climate challenge is a global imperative that cannot be ignored and by the same token, we cannot overlook the needs of up to 600 million people across Sub-Saharan Africa, and many millions more around the world, who lack reliable access to power. Moreover, the electrification of industries and rising energy needs for sectors such as transportation, heating, artificial intelligence, and others, is adding further pressure on the grid. While there is no one solution that will fit all, the public, private, and not-for-profit sectors must come together to find ways to provide more reliable, affordable, and sustainable power in Africa. Investments in adding new generation capacity, including through renewables and gas power, as well as improvements in transmission and distribution infrastructure, are critical. 

Gas is the least carbon intense of all traditional fossil fuels and can help provide firm, flexible, baseload power to balance the grid, thus acting as a force multiplier to enable the growth of more variable renewable energy. Switching from liquid fuels and coal – power sources that are used in many parts of the continent – to gas, can also lead to an immediate reduction in carbon emissions per kilowatt hour of electricity produced. In the medium to long term, pre and post combustion solutions such as low carbon fuels like hydrogen, and carbon capture technologies, can help gas power generation equipment be a destination, and not just transition technology, on the journey to net zero.

Generation however, is not the only part of the electricity value chain that requires our collective focus. Investing in transmission and distribution systems is equally important, as the grid is an enabler of the energy transition. We are moving from a largely centralized, stable, one-way supply of electrons and predictable demand, to more distributed, variable renewable energy supply, coupled with two-way electron flows through the rise of the prosumer – entities and individuals who can both consume power from the grid and feed into it. To accommodate all of this, we require technologies like high-voltage direct current (HVDC) transmission systems, flexible alternating current transmission systems (FACTS), digital substations, and predictive software applications to coordinate and orchestrate the grid. Many parts of Africa have the opportunity to leapfrog directly to these modern solutions.

Finally, the right policy actions will be critical in tying it all together and creating a strong investment climate. Governments should set decarbonization targets and allow the market to decide how best to get there instead of supporting one technology or solution over another. They must also set clear, long term policies to support visibility and spur investment in projects and research and development.”

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