After spending years building up its gas-power business, General Electric Co. is trying to figure out how to keep pace in a world that’s no longer all that interested in fossil fuels.
The plan to cut 12,000 jobs — almost one-fifth of the power division’s global workforce — underscores GE’s bad bet on an old-school industry as natural gas loses favor and renewable energy gains. The company’s $10 billion deal to buy Alstom SA’s assets two years ago has compounded the pain.
