Xcel Energy (NASDAQ: XEL) and GE Vernova, (NYSE: GEV) today announced the signing of a landmark Strategic Alliance Agreement (SAA) aimed at strengthening their long-standing collaboration and advancing a shared vision for a reliable, affordable, and sustainable energy future.
The agreement is designed to support Xcel Energy's generation and grid projects well into the 2030s, leveraging the breadth of GE Vernova's portfolio of equipment and services. The collaboration will focus on delivering key benefits to Xcel Energy’s customers and stakeholders through enhanced certainty of supply, operational flexibility, and cost predictability.
As a first step in this agreement, Xcel Energy executed a Reservation Agreement for the purchase of five, F-class gas turbines. Xcel Energy is also integrating GE Vernova technology into its renewable energy pipeline, completing a Capacity Reservation Agreement for multiple gigawatts of wind projects utilizing the company’s workhorse wind turbines. These gas and wind turbines are manufactured at GE Vernova facilities in the United States.
The agreement takes a holistic approach to energy infrastructure, including both the deployment of new generation technologies as well as practical upgrades to existing systems.
Key to this relationship is a mutual commitment to innovation and strategic collaboration. The companies will work together to explore advancements in areas such as artificial intelligence, grid modernization, and joint research and development programs. This forward-looking approach ensures both organizations can proactively address the dynamic growth of the energy sector and pilot next-generation technologies.
"As we work to meet our sustainability and grid modernization goals and seize this once-in-a-generation opportunity to power our communities’ growing demands for energy, Xcel Energy is committed to collaborating with organizations who bring the best skills, innovation and expertise to our projects," said Bob Frenzel, chairman, president and CEO of Xcel Energy. "Our strategic alliance with GE Vernova allows us to move at the speed and scale necessary to make energy work better for our customers by providing safe, reliable and affordable energy well into the future."
Scott Strazik, CEO of GE Vernova added, "We are proud to deepen our relationship with Xcel Energy, a leader in the energy industry. This agreement allows us to collaborate more strategically, aligning our technology roadmaps and unique service capabilities with Xcel Energy’s vision. Together, we are better positioned to innovate and execute on projects that will provide reliable power for generations to come."
Additionally, the companies are collaborating on several grid equipment opportunities that build on a critical order for grid systems, including synchronous condenser technology, in 2025.
The five, F-class gas turbines are not included in GE Vernova’s 83GW of contracted gas turbines the company announced during its quarterly earnings release on January 28, 2026.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) is a leading energy provider, dedicated to serving millions of customers with excellence. We make energy work better for customers, helping them thrive every day. That means always raising the bar — delivering better service and providing more reliable, resilient and sustainable energy.
We are committed to leading the clean energy transition, meeting our customers’ need for more, cleaner power, while keeping bills as low as possible. Because the people we serve depend on us to power their lives.
Headquartered in Minneapolis, we work every day to generate and distribute electricity and gas to customers across eight states: Minnesota, Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and Texas. For more information, visit xcelenergy.com or follow us on X and Facebook .
About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future.
© 2026 GE Vernova and/or its affiliates. All rights reserved.
GE and the GE Monogram are trademarks of General Electric Company used under trademark license.
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