Something has gone very wrong at the GE board. They invested $10B+ in 2015 in the power business, which they now axe. They just took over Baker Hughes (last June), which they now want to get rid of.
It's the power business, where every purchase is planned 30 years in advance. To cut 12000 jobs there is just gross mismanagement.
Was any of the solar and wind power currently being installed planned even 10 years ago? I doubt it: fossil and nuclear installations planned have been going down for quite a while.
One of the UK sites that may shut in Stafford makes giant power grid transformers, you order those well in advance.
I don't see how renewables are to blame, offshore wind still needs a grid connection and large substation transformers.
Baker Hughes is in the oil services business, a separate GE business unit from Power.