NextEra Energy and GE Vernova link for US gas-fired power projects

NextEra Energy has partnered with electric utilities company GE Vernova to develop natural gas-fired power generation projects in the U.S., according to reports. Reuters:.

The projects will primarily supply electricity to AI data centers and other significant energy consumers.

The partnership coincides with growing demand for natural gas-fired electricity from Big Tech data centers amid uncertainty over federal support for renewable energy under the new administration.

By 2029, NextEra and GE Vernova aim to initiate power generation projects that can integrate natural gas plants with renewable energy sources such as solar and battery storage.

NextEra CEO John Ketchum emphasized that the agreement is in the early stages, which includes land acquisition, development, gas transportation and the construction of turbine power plants, which have long delivery times. It is possible to extend the schedule until 2030.

He noted that unlike the lengthy development process of gas-fired plants, solar and onshore wind projects can be completed in 18 and 12 months, respectively.

NextEra reported a decline in earnings for the fourth quarter of 2024, largely due to the underperformance of its renewables segment.

NextEra Energy Resources saw an increase in its project backlog during the quarter, driven by increased energy demand from data centers amid rising AI and increased electricity use for heating and transportation in homes and businesses.

The overall performance of the renewable energy division was impacted by a one-time loss of $845 million related to the investment in the subsidiary and higher operating costs.

However, NextEra Energy plans to restart operations at its Duane Arnold nuclear plant in Iowa as early as late 2028.

Looking ahead, NextEra Energy’s long-term financial outlook remains stable.The company continues to expect adjusted earnings per share of $3.45 to $3.70 for 2026 and 2027, respectively. 63 to $4.00 and $3.85 to $4.32.

“NextEra Energy and GE Vernova tie up for US gas power projects” was originally published by Power Technology:Trademark owned by GlobalData.

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