The General Electric logo is displayed at the top of their Global Operations Center, Tuesday, Jan. 16, 2018, in the Banks development of downtown Cincinnati. (AP Photo/John Minchillo)
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One of General Electric Co.'s largest and most valuable customers, Saudi Arabia, is lining up competitors to bid against GE for lucrative power plant work, according to five people familiar with the situation. State-controlled Saudi Electricity Co. has qualified at least two companies – Power Systems Mfg. The qualifications for the first time puts SEC in a position to break GE's hold on that work by having others bid against GE on maintaining the F-Class fleet – among the largest owned by a single entity and among the most lucrative service portfolios in the industry – when the existing contracts come up, according to the sources and industry databases.After bidding began, GE ended up with less work and prices for the work fell by about 40 percent, sources said.One source with knowledge of GE's service history in Saudi Arabia said some F-Class turbines that SEC purchased more recently may not be under long-term agreements because the service price was high, and those could be opened for bidding by SEC at any time.
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