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How GE gambled on fossil fuel power, and lost

Industry estimates show demand for conventional plants is unlikely to hit 2017 levels again for at least a decade

GE's new chief executive John Flannery blames various factors, including poor management, for the power business meltdown. In January, he warned the pain would continue well into 2018.

New York

LAST March, executives at General Electric Co's power-plant business gave Wall Street a surprisingly bullish forecast for the year. Despite flat demand for new natural gas power plants, they said GE Power's revenue and profit would rise.

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