GE’s Power Unit Faces Rivals as Spinoff Looms

General Electric Co. aims to create a market-leading power company as the conglomerate breaks into three. But it faces stiff competition from rivals also repositioning their businesses to cash in on a global renewable-energy boom.

GE said this week that it plans to create a new stand-alone business it would spin off around 2024 that would combine its existing units that make wind turbines, turbines for traditional power plants and its digital businesses. Such a company would instantly become a major player in the power manufacturing space, positioned to prosper from an accelerating transition to cleaner energy sources in the midst of concern about climate change, while continuing to sell natural-gas turbines in much of the world.