GE Exec Believes Renewables Could Provide Up to 10 Percent of U.S. Energy Within Next Decade

According to a Reuters report, the managing director of the GE Energy Financial Services renewables group believes alternative power sources could make up 5 percent to 10 percent of the U.S. energy mix in the next 10 years, up from 2.5 percent now. The news agency quotes GE's Kevin Walsh as saying, “We are blessed with some of the best wind, solar and biomass resources in the world.”

General Electric has made big bets on renewable energy, according to the report. The conglomerate plans to invest $6 billion in the field by 2010, and has already invested $4 billion of that. The bulk of that investment is in wind farms and other large projects, while about $100 million has gone to smaller ventures. Walsh told Reuters GE would keep investing about $50 million to $100 million a year in smaller clean tech players. The conglomerate views those companies as “technology scouts,” he said.

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