Shares of GE Vernova advanced 3.6% during Monday's trading session, closing near $807.20. The move came as the energy equipment provider announced significant developments on two continents, underscoring robust demand for its gas turbine technology.
Long-Lead Order from Canada
Maxim Power Corp. has reserved a manufacturing slot for a 7HA.02 gas turbine and generator, with delivery targeted for 2030. The Calgary-based company will make a non-refundable deposit in 2026, which would apply toward a final purchase agreement. The turbine is intended for the approved 400-megawatt Prairie Lights Power Project in Alberta, with Maxim planning to invest up to C$60 million in the project in 2026.
Efficiency Boost in the United Kingdom
Separately, GE Vernova completed a major upgrade at InterGen's 800-MW Coryton combined-cycle plant east of London. The installation of "High Efficiency" upgrades increased the plant's output by as much as 85 megawatts and improved unit efficiency by 2.46%. InterGen's managing director, Daniel Fosberg, noted the upgrades delivered higher-than-expected results and are crucial for maintaining flexible generation capacity alongside renewable energy expansion.
CEO Scott Strazik recently indicated the company is approaching a 100-gigawatt order backlog, with production slots filling through 2029 and 2030. The firm aims to increase its annual output capacity to 20 gigawatts.
While reservation agreements signal strong demand and constrained factory capacity, they are not binding purchase contracts. Project timelines remain subject to permitting, financing, and power market conditions, exposing manufacturers to scheduling risks even during periods of high demand.
Investors will next scrutinize GE Vernova's first-quarter 2026 earnings webcast on April 22 for updates on order flow, capacity expansion, and the status of reserved production slots.
