The U.S. is rich in energy supply. We are almost unique in the world in having an abundance of coal, oil and natural gas, along with exceptional wind, solar and hydropower resources in many areas of our country. At the same time, we see an increasing focus on local air quality and global climate change. My company is responding to these emerging challenges and amazing opportunities by enabling the power plant of the future.
We produce a number of products and services that reduce emissions for new and existing power plants. One of our most exciting products is the combined-cycle gas turbine power plant, which uses jet engine technology combined with steam turbine technology to rotate generators that produce electricity. After decades of R&D, this technology provides the most cost-effective way to generate electricity from natural gas. Our turbines provide fuel efficiency of greater than 63% and produce approximately 65% less carbon dioxide than the coal-fired power plants that they often replace. While that's great news, we are never complacent and constantly work toward the next generation of efficiency.