GE Vernova signs agreement with Xcel Energy, shares rise
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
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