Al Root

GE Vernova is enjoying the fruits of an energy supercycle.

On Monday, Canadian electricity producer Maxim Power announced a sales reservation agreement with GE Vernova "to hold a manufacturing slot for a 7HA.02 gas turbine and generator package." That requires Maxim to provide a nonrefundable deposit payable in 2026. Pricing for the turbine will be negotiated later.

Reservations and deposits are the normal course of business for GE Vernova. Still, the company is rapidly selling out its capacity through the end of the decade.

"By the time we get to 100 gigawatts [in backlog], which we're now projecting by the end of the year, that 100 gigawatts directionally will have both 2029 and 2030 largely sold out based on where we see it today, " said CEO Scott Strazik on Jan. 28. "But sitting here today on January 28, there are still slots available for 2029."

They may not be available for long. GE Vernova ended 2025 with 83 gigawatts of gas power generation in its backlog. GE Vernova is raising its annual production capacity to 20 gigawatts this year.

Accelerating demand growth for electricity, driven by power-hungry AI data centers, has led to the boom. The impact of a tightening market is evident everywhere. Earlier this month, Xcel and GE Vernova signed a " landmark Strategic Alliance Agreement," which included the purchase of five F-class power generation turbines.

Those turbines weren't included in the 83 gigawatts of backlog reported on Jan. 28.

The tightening market is also evident in GE Vernova's stock price. Shares are up more than fivefold since early 2024, when GE Vernova split from GE Aerospace.

Higher demand can also lead to higher pricing, boosting earnings. Wall Street sees GE Vernova generating 2030 earnings before interest, taxes, depreciation, and amortization, or Ebitda, of almost $17 billion. That estimate was closer to $9 billion a year ago.

Vernova stock was down 0.4% early on Monday, following the agreement. The S&P 500 flat and the Dow Jones Industrial Average was down about 09.2%. Maxim Power stock was down 0.2%.

Coming into Monday trading, Maxim shares were down 20% over the past 12 months. GE Vernova stock was up 102%.

Write to Al Root at allen.root@dowjones.com

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February 09, 2026 09:55 ET (14:55 GMT)

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