Xcel Energy, GE Vernova enter strategic alliance agreement

Xcel Energy (XEL) and GE Vernova (GEV) announced the signing of a strategic alliance agreement. The agreement is designed to support Xcel Energy’s generation and grid projects well into the 2030s. As a first step in this agreement, Xcel Energy executed a reservation agreement for the purchase of five, F-class gas turbines. Xcel Energy is also integrating GE Vernova technology into its renewable energy pipeline, completing a capacity reservation agreement for multiple gigawatts of wind projects utilizing the company’s workhorse wind turbines. These gas and wind turbines are manufactured at GE Vernova facilities in the United States. The agreement takes a holistic approach to energy infrastructure, including both the deployment of new generation technologies as well as practical upgrades to existing systems.