Duke Energy and GE Vernova announce significant arrangement for gas turbines and associated equipment
Duke Energy and GE Vernova announce significant arrangement for gas turbines and associated equipment |
| [24-April-2025] |
CHARLOTTE, N.C. and CAMBRIDGE, Mass., April 24, 2025 /PRNewswire/ -- Duke Energy (NYSE: DUK) and GE Vernova (NYSE: GEV) announce a significant partnership for natural gas turbines and other associated equipment to meet the growing needs of advanced manufacturing, data centers and population growth.
The arrangement between the companies includes a plan to advance specific projects for up to 11 7HA gas turbines consistent with Duke Energy's integrated resource plans. This will help the company meet its business strategy to provide reliable energy and keep customer costs as low as possible, as well as meeting even the most robust growth scenarios in the future. This is in addition to the eight recently secured 7HA gas turbines. "As we continue to experience unprecedented growth in our service territories, securing the necessary materials to build critical infrastructure and meet the energy demand is integral to delivering value for our customers and other stakeholders," said Duke Energy President and CEO Harry Sideris. "We value our collaboration with forward-thinking partners who assist us in advancing our energy modernization strategy." The agreement is made possible because of the previously announced expansion of GE Vernova's Greenville, S.C., facility to accommodate historic demand for gas turbines from new and existing customers. The expansion, which is part of a nearly $600 million investment in U.S. manufacturing over the next two years, includes a nearly $300 million investment in its Gas Power business in the U.S. These investments will replace legacy manufacturing processes with lean manufacturing lines, supporting increases in supplier capacity, creating more than 1,500 new jobs in the country and other enhancements. "This arrangement with Duke Energy and the significant expansion of our U.S. manufacturing facilities illustrate our ability and commitment to developing innovative solutions that our customers require to meet today and tomorrow's energy demands," said Scott Strazik, CEO, GE Vernova. "We are proud to be able to supply these Greenville, S.C., manufactured gas turbines to a leading U.S. energy company and service to its consumers." Locating these new assets at Duke Energy facilities enables them to utilize existing infrastructure, including transmission capabilities, significantly reducing cost and speeding time to market. Duke Energy Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. About GE Vernova GE Vernova's mission is embedded in its name – it retains its legacy, "GE," as an enduring and hard-earned badge of quality and ingenuity. "Ver" / "verde" signal Earth's verdant and lush ecosystems. "Nova," from the Latin "novus," nods to a new, innovative era of lower carbon energy. Learn more: GE Vernova and LinkedIn. Shawna Berger
SOURCE Duke Energy | ||
Company Codes: NYSE:DUK, NYSE:GEV |
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