GE Vernova Is Preparing to Serve Venezuela’s Grid This Year

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Or sign-in if you have an account.(Bloomberg) — GE Vernova Inc. is drawing up contracts to help strengthen Venezuela’s power grid and would be close to signing them already if not for the recent earthquake that struck the country, according to Chief Executive Officer Scott Strazik.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGE Vernova and Venezuela’s electricity utility Corpoelec signed an agreement last month to ramp up work to strengthen the country’s grid. Under that partnership, GE Vernova will first work to rehabilitate the 11 gigawatts of installed capacity the company already has in Venezuela, and will then turn to adding new capacity, Strazik said in an interview as the company reported earnings that missed some analyst estimates.The company is operating internally with the expectation that it will be serving Venezuela this year, even after delays arising from last month’s earthquake, he said. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Practically speaking, if not for the earthquake that had taken place that took us off track, we could be very close to a contract today,” Strazik said in a Wednesday interview. “We’re exchanging drafts of contracts today,” he added.GE Vernova makes the electrical and power equipment that energizes grids and data centers, like gas turbines and transformers, both of which are in high demand for the few companies that can make them at scale. The Cambridge, Massachusetts-based company has seen huge order and revenue growth in recent years as it races to meet that demand.The company boosted its full year forecast for revenue when it reported second quarter earnings on Wednesday based on its strong performance in the quarter, where its electrification and power segments shined. GE Vernova now sees revenue of $45.5 billion to $46.5 billion, up from its previous guidance of $44.5 billion to $45.5 billion.Orders for the company’s wind segment, however, were disappointing, and the company expects organic revenue for the year in the segment to fall. Strazik said the company won’t be bidding on new offshore wind projects, and will instead focus on servicing existing ones.“We talk about controlling what we can control, and we’re positioning ourselves for a better market when that inflection point comes,” Strazik said. “We do feel the world needs more wind. We continue to invest in our wind business, but our new bidding activity is focused on onshore wind.”The Trump administration has taken actions to stall the US wind industry, like canceling a lease at the end of June held by Duke Energy Corp. off the coast of North Carolina and terminating offshore wind leases held by power developer Invenergy LLC that total $765 million.The company’s shares were down 5.5% in premarket trading in New York, erasing earlier gains.Despite a slow quarter for wind, GE Vernova’s free cash flow reached $5.1 billion in the quarter, more than all of 2025. The company also raised its full year free cash flow guidance to $11.5 billion to $12.5 billion, up from $6.5 billion to $7.5 billion.Strazik said the company will potentially use some of its cash for mergers and acquisitions in its “core business,” which includes electrification and gas power.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.