GE Vernova signs agreement with Xcel Energy, shares rise

Xcel Energy

03/02/2026 15:44

** Shares of power equipment maker GE Vernova GEV.N rise 3.1% to $778.7

** Co and U.S. utility Xcel Energy XEL.O announced a strategic alliance agreement (SAA) to deepen their partnership and advance reliable, affordable and sustainable energy goals

** GEV says it has secured Xcel's commitment to buy five F-class gas turbines and reserve multiple gigawatts of its U.S.-made wind technology as initial steps under the agreement

** XEL shares up 1.9% at $75.9

** The agreement is a modest positive for GEV, underscoring solid demand for its gas and wind turbines and suggesting that strong Power and Electrification trends could support further price increases and upside to its 2028 margin outlook - RBC Capital Markets

** Co says the agreement is designed to support Xcel's generation and grid projects well into the 2030s

** In 2025, GEV and XEL were up 92.8% and 10.4%, respectively

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))