Item 2.01 Completion of Acquisition or Disposition of Assets

On March 18, 2009, Global N.R.G. Pacific Ltd. (the" Seller"), a 95% subsidiary of Global Energy Inc, (the "Company"), sold to Presaco Investments Ltd. (the "Buyer"), a company registered in Cyprus, all the stock capital of the Seller's subsidiary, Global Energy Ethiopia Ltd. ("GEE") as well as all of the Seller's right, title, and interest in and to all its property and assets in connection with the business of community castor farming for oil and the development of governmental lands for castor oil in Ethiopia.

The Buyer has paid the first installment of the purchase price of US $595,000. Of this amount, $105,000 has been applied to repay a portion of the loans made to the Seller. As a condition for the consent of YA Global Investments, LP to the release of its lien on the assets sold to the Buyer, the remaining amount of approximately $490,000 of the first installment was deposited into escrow on March 29, 2009 and is subject to release upon the joint instructions of the Seller, the Company and YA Global. An initial $145,000 of the $490,000 has already been released from escrow.

The second installment of the purchase price in the amount of US$105,000 has been retained in escrow with counsel to the Buyer, and it is subject to release to the Seller on March 1, 2010, subject to the terms of the agreement between the parties.

Item 9.01 Financial Statements and Exhibits.

10.1 Agreement, dated March 3, 2009 between Global Energy Inc., Global N.R.G. Pacific Ltd. and Presaco Investments Ltd. (incorporated by reference to the Registrant's current report on Form 8-K filed with the Commission on March 10, 2009).