UPDATE 1-GE CEO sees dividend risk, no quick fixes for power, capital units

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NEW YORK, May 23 (Reuters) - General Electric Co cannot guarantee its 2019 dividend and is still fixing its power and capital units, Chief Executive John Flannery said on Wednesday, sending the stock down more than 5 percent.

Asked if he could say whether the 2019 dividend was assured, he said it would depend on free cash flow, operating performance and efforts to change the portfolio of GE businesses.

"We have to see how this plays out," he told analysts at the annual Electrical Products Group conference in Florida.

GE shares were down 6.9 percent at $14.24 in midday trading.

Flannery also said he was planning for the power market to remain weak through 2020, and sees no profit growth at the large GE power business this year. Profit at the unit tumbled 53 percent last year to $1.9 billion.

(Reporting by Alwyn Scott; Editing by Susan Thomas)