GE Vernova is expecting 80 gigawatts in gas turbine contracts before the end of the year
GE Vernova, a manufacturer of power generation equipment, said that it expects to sign 80 gigawatts in combined-cycle gas?contracts before the end of this year - as electricity demand from Big Tech data 'centers - ramps up. The demand for natural gas-powered?turbines has risen as U.S. electricity demand is at record levels due to the proliferation energy-intensive data centres supporting artificial intelligence initiatives.
Siemens Energy gives investors $11.5 Billion as the power market booms
S iemens Energy announced on Thursday that it will return up to 10 billion euro ($11.5 billion), to its shareholders by the year 2028, on the backs of booming demand in power infrastructure equipment. This has boosted the company's shares to a new record high. Siemens Energy announced that up to 6 billion euro would be spent on a share-buyback program, while the remainder will go towards dividends.
As yttrium shortages grow, a new rare earth crisis is on the horizon
Due to Chinese export restrictions on yttrium, global supplies are in short supply. This has led to fears of shortages, and a rise in costs, which could affect aerospace, energy, and semiconductor production. In April, China, which is the primary source of this element, used in coatings that protect against high temperatures and in alloys for engines, limited exports, along with six others rare earths, in response to U.S.
Siemens Energy finds limited synergies in onshore and off-shore wind
Siemens Energy's CEO stated on Friday that there are few synergies to be found between its onshore wind unit and its better performing offshore units. This reflects the uncertainty surrounding the future of this loss-making division. Siemens Gamesa is Siemens Energy's wind turbine division, which produces both on- and offshore turbines. The division…
Siemens Energy will pay dividends for 2025 and raises the mid-term outlook
Siemens Energy announced on Thursday it will pay its first dividend for four years, and has also raised its outlook mid-term due to strong demand in gas turbines and transmission technology. Christian Bruch, CEO of the company's wind-turbine division, said that the success "was hard-earned" and not a result of chance. He was referring to the years of cost cutting and restructuring in response to a quality crisis.
Equinor abandons offshore electrification due to rising costs
Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions. Gas…
Ansaldo Energia CEO: Asia sales to be boosted by acquisitions and Ansaldo Energia's focus on acquisitions
Ansaldo Energia, a developer of power plants in Italy, is seeking to expand its business into new markets like Vietnam and Malaysia by acquiring companies. Its chief executive stated that the company aims to double their turnover over the next few years. The group, owned by the Italian state bank Cassa Depositi e Prestiti and which makes nuclear reactors…
US Defense Department buys cobalt up to $500 Million
As part of its efforts to increase the supply of critical minerals, the U.S. wants to buy cobalt for up to $500,000,000 to be used in defense stockpiles. After China implemented restrictions on rare earth magnets, companies have scrambled to find them. This led to a drop of 75% in exports in June. Some automakers even suspended production. In March, U.S.
Freeport LNG export facility in Texas returns to service on Monday according to LSEG data
Freeport LNG, a U.S. liquefied gas company, had its Texas export plant take on more natural gases on Monday. This was a sign the plant had recovered from an outage that occurred over the weekend. Freeport LNG is one of the most closely monitored LNG export facilities in the world, as the start and end of its operations can cause price fluctuations on global gas markets. Gas prices in the U.S.
GE Vernova Raises Annual Revenue Forecast After Beating Q2 Estimates
Power equipment maker GE Vernova raised its current-year revenue and free cash flow forecast after beating Wall Street estimates for second-quarter profit on Wednesday, sending its shares rising more than 4% in premarket trading.GE Vernova, which became independent last year after a three-way split of General Electric, raised its free cash flow target to between $3 billion and $3.5 billion…
NAACP threatens El Musk's xAI with a lawsuit over Memphis air pollution
The National Association for the Advancement of Colored People sent a letter to Elon Musk’s xAI on Tuesday, indicating its intention to file a lawsuit against the company for air pollution coming from the data center of the AI startup in Memphis. Southern Environmental Law Center sent the letter on behalf of NAACP. It alleges that xAI violated…
NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers…
Sources say that Kretinsky EPH and Itochu are expected to bid for Energia.
According to two sources familiar with the situation, Daniel Kretinsky's Czech energy group EPH as well as Japanese trading house Itochu will likely make a preliminary bid for Irish utility Energia Group. The people also said that investors Ardian and Asterion, as well as CPP Investments are expected to bid. One of the sources said that Itochu will form a consortium…
GE Vernova will supply turbines for a planned natgas plant in Pennsylvania by 2026
GE Vernova is helping to transform Homer City Generating Station, a coal-powered power plant in Pennsylvania, into a campus of natural gas powered data centers by providing seven turbines that will produce almost 4.5 gigawatts. The project should begin generating power in 2027. It will be the largest natural-gas power plant in the U.S. once it is completed.
Gas turbines from GE Vernova will be used in a new Missouri power station
GE Vernova announced on Friday that it has received an order for its aeroderivative GE Vernova gas turbines to be used in Springfield City Utilities (CU)'s new power generating plant in Missouri. The McCartney Generating Station, a 100 Megawatt (MW), is expected to begin operations in 2027. GE Vernova has not disclosed the value of the deal or the anticipated delivery date for the turbines.
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by exporting Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation.
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by helping to export Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation.
Baker Hughes and Frontier Infrastructure form a carbon capture partnership
Baker Hughes announced on Monday a partnership between Frontier Infrastructure and the United States' largest carbon capture and storage solutions (CCS). Oilfield Services provider adds that it will provide technology solutions for carbon capture projects, power generation and datacenters. Baker Hughes announced that it will leverage key technologies in well design…
Siemens Energy orders $135 billion in record order volume
Siemens Energy announced a record order book of 131 billion euros ($135.5 billion), boosted by a strong demand for energy equipment. This includes everything from wind and gas turbines, to power converters and electrolysers. According to the company, it also reported a net profit of 252 millions euros for the first three months of its financial year.
Chevron will build gas plants for data centers in the AI boom
The oil and gas company Chevron announced on Tuesday that it will build natural gas power plants near data centers in the U.S. as the energy demand for artificial intelligence growth is expected to grow. The second largest U.S. oil and gas producer has partnered with Engine No. The project is a partnership between Engine No. 1 and electric service company GE Vernova.