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HOUSTON - NRG Energy Inc . (NYSE:NRG), GE Vernova, Inc. (NYSE: GEV), and TIC – The Industrial Company, a Kiewit Corporation subsidiary, announced a new collaboration to expedite the delivery of electricity generation capacity, addressing the rising demand driven by generative AI (GenAI) and data center expansion. GE Vernova, currently valued at over $101 billion in market capitalization, has demonstrated strong market performance with a 74% return over the past six months, according to InvestingPro data. This joint venture aims to reduce the time from concept to electron, ensuring swift online capacity to meet burgeoning electricity needs.
The venture plans to develop over 5 gigawatts (GW) of efficient natural gas combined cycle power plants for the ERCOT & PJM markets, with the first 1.2GW project slated for commercial operation in 2029. GE Vernova’s 7HA gas turbines will be featured in these plants, following a slot reservation agreement. The partners envision a scalable model with a potential pipeline of 10-15GW, extendable across the U.S.
NRG’s Executive Vice President, Robert J. Gaudette, emphasized the importance of innovative partnerships to satisfy America’s growing dispatchable generation requirements. Dave Ross, President & CEO of GE Vernova’s Gas Power business in the Americas, expressed pride in NRG’s selection of their 7HA gas turbine technology. Meanwhile, Kiewit’s Executive Vice President, Dave Flickinger, highlighted the company’s commitment to delivering power generation projects rapidly and efficiently.
NRG Energy Inc. is a prominent energy and home services provider in the U.S. and Canada, delivering innovative solutions and advocating for competitive energy markets. GE Vernova Inc. is a global energy firm with a history of over 130 years, focusing on powering economies and aiding the energy transition. The company maintains a strong financial position with more cash than debt on its balance sheet and robust cash flows to cover interest payments. Kiewit, one of North America’s leading construction and engineering firms, brings extensive EPC experience, particularly in projects utilizing GE Vernova equipment. Access comprehensive analysis and Fair Value estimates for GE Vernova through the detailed Pro Research Report, available exclusively on InvestingPro.
This partnership is based on a press release statement and contains forward-looking statements subject to various risks and uncertainties. NRG disclaims any obligation to update these statements except as required by law. Factors that could cause actual results to differ materially include general economic conditions, industry hazards, strategy execution, regulatory changes, and other risks detailed in NRG’s SEC filings.
In other recent news, GE Vernova has been the focus of several analyst updates and strategic developments. Mizuho (NYSE:MFG) Securities raised its price target for GE Vernova to $400, maintaining an Outperform rating, citing the company’s growing pricing power in its gas business and new partnerships in the U.S. power sector. This follows the company’s fourth-quarter earnings report, which led to revisions in Mizuho’s financial model. Truist Securities reaffirmed its Buy rating with a $470 price target after a significant sell-off, highlighting a new joint development with Engine No. 1 and Chevron (NYSE:CVX) to construct natural gas generation facilities. This partnership emphasizes GE Vernova’s expanding customer base in the natural gas turbine market.
JPMorgan reiterated its Overweight rating on GE Vernova with a $436 price target, noting potential benefits from Illumina (NASDAQ:ILMN)’s new spatial transcriptomics technology. Baird initiated coverage with an Outperform rating and a $448 price target, pointing to the company’s strong position in the growing energy demand sector. William Blair maintained its Outperform rating, discussing the stock’s attractive entry point after a valuation adjustment. These ratings reflect confidence in GE Vernova’s strategic positioning and potential for growth amid evolving energy needs and technological advancements.
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