GE, Siemens Announce ‘Landmark’ Power Agreements With Iraq

Siemens CEO Joe Kaeser, left, signed a non-binding agreement with Qasim Al-Fahdawi, Iraq's minister of electricity. The agreement is to supply Iraq with 11 GW of power generation. GE also announced it had signed a principles of co-operation with Iraq to add 14 GW of power generation capacity.

Two of the biggest players in power generation say they are poised to step in to help Iraq strengthen its electrical infrastructure.

GE said it had signed principles of co-operation to add 14 GW of power generation capacity, with an immediate order for 1.5 GW to come into service next summer. On Saturday, Siemens signed what the company called a “landmark” agreement to supply Iraq with 11 GW of power generation over four years.

Neither agreement is a binding contract, but both companies are optimistic that larger deals are in the offing. The Iraq situation has been in flux for some time. Most observers believed Siemens had an advantage over GE in Iraq until recently, but the Trump administration put pressure on the country’s government to award more business to U.S.-based GE. Taking no chances, Siemens CEO Joe Kaeser flew to Iraq on Saturday to sign its non-binding memorandum of understanding with Qasim Al-Fahadawi, minister of electricity.

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