• Reservation agreement signed for five GE Vernova F-class gas turbines
• Capacity reservation secured for several gigawatts of GE Vernova wind turbines for future projects
• Ongoing collaboration on grid equipment, building on a key 2025 order including synchronous condenser systems

MINNEAPOLIS (Feb. 3, 2026) — Xcel Energy (NASDAQ: XEL) and GE Vernova (NYSE: GEV) have announced a new Strategic Alliance Agreement (SAA) aimed at strengthening their long-term partnership and advancing a shared goal of delivering reliable, affordable, and sustainable energy.

The agreement is structured to support Xcel Energy’s generation and grid development plans through the 2030s, utilizing GE Vernova’s broad portfolio of technologies and services. The collaboration is expected to deliver benefits such as improved supply certainty, greater operational flexibility, and more predictable costs for customers and stakeholders.

As an initial step, Xcel Energy has entered into a Reservation Agreement for five F-class gas turbines. The company is also expanding its renewable portfolio through a Capacity Reservation Agreement covering multiple gigawatts of wind projects using GE Vernova’s proven turbine technology. Both gas and wind turbines will be produced at GE Vernova manufacturing facilities in the United States.

The partnership takes a comprehensive approach to energy infrastructure, combining the deployment of new generation assets with upgrades to existing systems.

A key aspect of the alliance is a shared focus on innovation and long-term collaboration. Both companies plan to explore advancements in artificial intelligence, grid modernization, and joint research and development initiatives. This approach is intended to help them respond effectively to the evolving demands of the energy sector and accelerate the adoption of next-generation technologies.

“As we pursue our sustainability and grid modernization objectives and respond to growing energy demand, we are committed to working with partners that bring strong expertise and innovation,” said Bob Frenzel, chairman, president, and CEO of Xcel Energy. “Our strategic alliance with GE Vernova enables us to operate at the scale and speed required to deliver safe, reliable, and affordable energy for our customers into the future.”

Scott Strazik, CEO of GE Vernova, added: “We are pleased to deepen our partnership with Xcel Energy, a recognized leader in the energy sector. This agreement allows us to align our technology roadmap and service capabilities with Xcel Energy’s long-term vision. Together, we are well positioned to develop and deliver solutions that ensure reliable power for years to come.”

In addition, the companies are working together on several grid equipment opportunities, building on a major 2025 order that includes synchronous condenser technology.

The five F-class gas turbines included in this agreement are not part of the 83 GW of contracted gas turbines GE Vernova reported in its January 28, 2026 earnings release.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) is a major energy provider serving millions of customers. The company focuses on delivering reliable, resilient, and sustainable energy while continuously improving service quality.

Committed to leading the clean energy transition, Xcel Energy works to meet growing demand for cleaner power while maintaining affordability. Headquartered in Minneapolis, the company provides electricity and natural gas across eight U.S. states: Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico, and Texas.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a global energy company focused on Power, Wind, and Electrification, supported by accelerator businesses. With more than 130 years of experience, the company plays a key role in advancing the energy transition by expanding electrification while reducing carbon emissions.

Headquartered in Cambridge, Massachusetts, GE Vernova employs approximately 75,000 people across about 100 countries. Through its mission, The Energy to Change the World, the company develops technologies that support a more reliable, sustainable, and cost-effective energy future.

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