Blog Coverage General Electric Announces Agreement with New York State Power Authority and Partnership with Qantas Airways

LONDON, UK / ACCESSWIRE / October 7, 2016 / Active Wall St. blog coverage looks at the headline from General Electric Company (NYSE: GE) as the company announced on October 06th, 2016, an agreement with the New York State Power Authority (NYPA) to provide software to monitor, analyze, and enhance the performance of NYPA electricity generating assets across its 16 generating facilities and electricity transmission network. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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The Collaboration

NYPA stated that the collaboration will help it accelerate its 5-Year Strategic Vision plan by improving the efficiency, reliability, and cost-effectiveness of facilities across the entire organization. NYPA is the first US power provider to sign such an enterprise-wide digital transformation agreement with GE. GE will provide Asset Performance Management (APM) software, it leverages data analytics to monitor power generation and transmission equipment health in order to predict potential failures and thereby reduce unplanned downtime, lower maintenance costs, and lower operational risks.

“The digital transformation of electric power has the potential to create more than a trillion dollars of economic and societal value in the next decade,” said Ganesh Bell, chief digital officer, GE Power.

The Predix Software

GE said that the process will start by merging the physical and digital connecting energy-producing machines, such as gas and hydro turbines via sensors to analytics software. The APM software, running in NYPA’s central Smart Operations Center, will then provide operations leaders with predictive alerts which accurately forecast possible failures weeks before they might occur. GE’s APM solution, which runs on its Predix operating system for the Industrial Internet, will help the operator to detect problems that could affect the NYPA ecosystem.

The Smart Operations Center is expected to begin operations in December 2016. Based on its new Predix industrial operating system, GE has already signed software and analytics agreements with more than 20 utilities worldwide. The company is focusing on utilizing digital technology and its Predix operating system to improve the functioning of power generators, medical devices, aircraft engines, and other large industrial equipment. This would be the biggest assessment of GEs ability on utilization of this strategy.

GE Aviation Partners with Qantas

In a separate press release, GE Aviation announced that it has opened their digital collaboration center in Austin with launch customer Qantas Airways. Through the partnership, data scientists, software developers, and architects from GE and Qantas will work together to distil billions of data points produced by the aviation sector annually into solutions that can achieve greater fleet intelligence and operational insights.

GE Aviation currently employs about 100 data scientists, engineer, and designers. The company stated that initiatives in the pipeline could lead to a significant increase in employment in Austin by the end of 2017.

The digital collaboration center in Austin is GE Aviation’s first in the United States. In the past year, GE opened similar centers in Dubai, Shanghai, and Paris. GE stated that around 100 airlines covering more than 10,000 aircrafts are GE Aviation Digital Solutions’ customers for services such as flight and fuel analytics, navigation services, airline operations management and planning and recovery.

Stock Performance

General Electric’s stock is trading slightly down by 0.78%, closing Thursday’s session at $29.27 on volume of 28.06 million shares. The company’s shares gained 8.69% in the last twelve months. The company’s shares are trading a PE ratio of 27.67 and have a dividend yield of 3.14%. Additionally, as of its closing price, the company has a market cap of $265.74 billion.

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