ATLANTA (AP) -- Saudi Electricity Co. will pay GE Energy nearly $1 billion to supply more than 30 gas turbines to be used in a power plant, the General Electric Co. unit said Wednesday.
GE Energy will supply 30 Frame 7EA gas turbines for Saudi Electricity Co.'s Riyadh Power Plant 10, boosting its current capacity of 10,000 megawatts by an additional 2,000 megawatts.
A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy.
The first of the turbines will begin service next year with the order completed by 2011.
Shares rose 13 cents to $11.75 in premarket trading.