May 10, 2010 — GE reports that it spent $560.9 million to conduct the first phase of the Hudson River dredging project. This brings to $830 million the amount that GE has spent on Hudson River-related research and clean-up projects since 1990.

GE provided the information to a panel of independent technical experts who are evaluating the first phase of dredging at the request of the U.S. Environmental Protection Agency. The panel, which asked GE to supply the cost information, is expected to inform EPA of any modifications it recommends to the project before additional dredging is performed in early fall.

GE’s expenditures for the project thus far include:

• More than $227 million for dredging, transport and disposal of the sediments dredged from the Upper Hudson during Phase 1;
• More than $130 million to build facilities and purchase equipment to support the dredging project;
• More than $90 million to reimburse EPA for its past and future dredging oversight costs;
• More than $64 million for design and planning of the dredging project, including the collection of more than 50,000 sediment samples from the river; and
• More than $48 million for construction management and administration.