Japan plans to phase out nuclear power plants

September 26, 2012 8:32:52 PM PDT
This month Japan announced that it is phasing out its nuclear power plants. The country will rely more on natural gas. One company that stands to profit from that is General Electric.

On Wednesday, top executives from GE came to San Francisco city hall to present their new natural gas power plant. GE says it uses breakthrough technology to power on and off within minutes. That makes it ideal to use alongside renewable energy, such as solar or wind power.

Japan has already ordered several turbines. Natural gas is gaining on coal power in this country.

"It will still probably be three or four more years before natural gas will be above coal overall. But for some of the peak periods this summer, it became at the same level of coal," said Steve Bolze, the GE Power & Water CEO.

The United States is one of the largest suppliers of natural gas in the world.