Benzinga·2026-02-03 17:55Core Viewpoint - GE Vernova Inc. has announced a strategic alliance with Xcel Energy to enhance long-term grid and generation investments, aiming to improve reliability, affordability, and sustainability for customers [1]. Group 1: Strategic Alliance Details - The Strategic Alliance Agreement will support energy projects through the 2030s, strengthening the existing relationship between GE Vernova and Xcel Energy [1]. - GE Vernova will supply a wide range of equipment and services, providing greater supply certainty and cost visibility [2]. Group 2: Initial Commitments - Xcel Energy has executed a reservation agreement for five F-class gas turbines to support future generation needs, with manufacturing to occur at U.S.-based facilities [3]. - Xcel Energy has also reserved capacity for multiple gigawatts of wind projects utilizing GE Vernova's onshore wind turbine platforms [3]. Group 3: Infrastructure and Technology Collaboration - The agreement includes upgrades to existing infrastructure and collaboration on grid equipment initiatives, such as synchronous condenser technology deployments [4]. - Both companies will explore artificial intelligence applications and pursue joint research and development programs for grid modernization [5]. Group 4: Leadership Statements - Bob Frenzel, CEO of Xcel Energy, emphasized the importance of collaborating with organizations that bring innovation and expertise to meet sustainability and grid modernization goals [6]. - Scott Strazik, CEO of GE Vernova, stated that the alliance aligns technology roadmaps with Xcel Energy's long-term vision, allowing for improved energy solutions [7]. Group 5: Market Reaction - Following the announcement, GE Vernova shares increased by 2.06% to $770.53, reaching a new 52-week high [8].