Washington, D.C., United States of America; April 18, 2024: GE Vernova (NYSE: GEV) has announced multiple strategic initiatives with the Republic of Iraq to boost power generation and enhance the availability of electricity across the country. These initiatives were revealed during Iraqi Prime Minister H.E. Mohammed Shia’a Al-Sudani’s visit to Washington, D.C., and his meeting with President Joe Biden.

The agreements were signed on April 17th in Washington D.C. by H.E. Hayan Abdul Ghani Al-Swad, the Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil; H.E. Dr. Muhammad Ali Tamim, the Iraqi Deputy Prime Minister and Minister of Planning; and Roger Martella, Chief Sustainability Officer and Head of Government Affairs at GE Vernova. The signings were attended by Ambassador Alina L. Romanowski, the U.S. Ambassador to Iraq, and Steve Lutes, the President of the US-Iraqi Business Council, and Vice President, Middle East Affairs at the U.S. Chamber of Commerce.

The initiatives align with the Principles of Cooperation signed between Iraq’s Ministry of Electricity (MoE) and GE Vernova in 2023 and include:

• Letter of Intent with the Ministry of Electricity: This aims to inject an additional 3 gigawatts (GW) of energy into the Iraqi grid through highly efficient combined cycle power plants. This also includes converting two sites, Samawa and Nasiriya, from simple to combined cycle, and expanding capacity at the Al Mansouria gas power plant.
• Five-Year Services and Upgrade Agreements with the MoE: These agreements will enhance the availability and efficiency of over 70 turbines and generators across 18 power plants, with a total capacity of up to 7.5 GW.
• Memorandum of Understanding with the Ministry of Oil: This aims to accelerate the use of flared gas to boost power generation. Iraq is among the top countries for gas flaring, and this MoU sets the stage for projects to reduce pollution and health hazards associated with flaring while generating additional power.

“These initiatives mark a milestone in our continued efforts to strengthen national power infrastructure,” said H.E. Zeyad Ali Fadhil, the Iraqi Minister of Electricity. He emphasized the importance of collaboration with leading companies like GE Vernova to meet the growing electricity demand in Iraq.

As part of the new initiatives, GE Vernova plans to establish a Monitoring and Diagnostics (M&D) Centre in Iraq. This center will utilize GE Vernova’s electrification software capabilities for continuous monitoring of core power assets across 18 sites powered by GE Vernova’s 9E gas turbines. It is expected to be operated by the MoE’s team and will help reduce operational risks, unplanned outage costs, and support Iraqi talent development through specialized training.

“In 2021, GE Vernova proposed a 10-point strategy to help accelerate Iraq’s energy transition,” said Joseph Anis, President and CEO of GE Vernova’s Gas Power business in Europe, the Middle East, and Africa. He reaffirmed GE Vernova’s commitment to working closely with the Iraqi government and other stakeholders to deliver more affordable, reliable, and lower-carbon power, supporting sustainable economic development.

GE Vernova has a strong legacy in Iraq’s energy sector, having added up to 19 GW of capacity in just over a decade, completed up to 30 substations over the past 10 years, and supported phase one of the interconnection with Jordan’s grid. GE Vernova has also helped secure over $3 billion in funding for Iraq’s energy sector projects since 2015 and employs over 200 people in Iraq, with more than 95 percent being Iraqis.

About GE Vernova

GE Vernova (NYSE: GEV) is a global energy company that includes Power, Wind, and Electrification segments, supported by its accelerator businesses. With over 130 years of experience, GE Vernova is dedicated to leading the energy transition by electrifying the world while working to decarbonize it. Headquartered in Cambridge, Massachusetts, GE Vernova employs over 80,000 people in more than 100 countries. The company’s mission is embedded in its name – “GE” signifies its legacy of quality and ingenuity, “Ver” / “verde” symbolizes Earth’s lush ecosystems, and “Nova” signals a new era of innovative, lower-carbon energy. Learn more at GE Vernova and LinkedIn.

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