October 30, 2018 / 12:42 PM / a year ago

General Electric says regulators expand probe into power unit writedown

FILE PHOTO: The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/File Photo

NEW YORK (Reuters) - General Electric Co (GE.N) said the U.S. Securities and Exchange Commission had expanded its probe of GE’s accounting to include a $22.8 billion writedown of goodwill from GE’s power division.

GE also put its first price tag on blade failures in its newest gas turbine model, which failed recently at a plant in Texas.. GE said it had set aside $240 million for blade “warranty and maintenance” costs in the latest quarter and expects to set aside a similar amount in the future.

(This version of the story has been refiled to add dropped word “billion” in first paragraph)

Reporting by Alwyn Scott; Editing by Nick Zieminski

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