General Electric chairman and CEO Jeff Immelt says that America must put an energy plan in place. Speaking at the Gridwise Global Forum in Washington yesterday, Immelt leveled harsh criticism at the country’s failure to develop a comprehensive policy:
“This is a great country. But, you know, we have to have an energy policy. This is just stupid what we have today.”
Immelt singled out numerous shortcomings, including America’s antiquated power grid and its outdated regulatory system. “The whole energy regulatory system, if we’re really serious about it, is a relic. It has fundamentally no basis in the modern world,” Immelt said.
Other countries have already made major moves in this all-important area. In particular, Immelt singled out China’s aggressive approach to developing new energy technology, especially with respect to renewables. Said Immelt, “Energy is one of the places I worry about most. The rest of the world is moving 10 times faster than we are.”
“The head of the Fairfield, Conn., conglomerate said China is moving faster to develop clean technologies such as nuclear power, electric vehicles and wind power. He also said China has the right mix of a big local market, innovation in technology, a low-cost supply chain and government policy support. China’s State Grid utility, he said, is larger than nearly all U.S. utilities combined.” – Paul Glader, The Wall Street Journal
GE is a leading global producer of wind turbines, smart meters, nuclear reactors, and grid technologies. In 2009, the company had $157 billion in revenues.
Read the New York Times report on Immelt’s comments HERE.