Corp News
Fervo-Google geothermal deal underscores baseload power scarcity, analysts say
Fervo Energy announced a 396-megawatt geothermal power purchase agreement with Google, the largest geothermal PPA in history, with an option to expand by about 600 megawatts. Analysts point out that the deal underscores the scarcity of baseload power, but Fervo's stock has recently faced pressure, with risks including execution and grid connection.
Harbert acquires cogenerating heat, power plant in Georgia
Harbert Management Corp. announced this week the acquisition of the Mid-Georgia Cogen plant, located in Kathleen, Georgia, with an installed capacity of approximately 323 megawatts, adjacent to Robins Air Force Base, operating since 1998 and serving as a peaking plant for Georgia Power. The plant has signed a new 20-year power purchase agreement with Georgia Power starting in 2028, while also supplying thermal energy to the neighboring Frito-Lay facility. The transaction has been approved by the Georgia Public Service Commission, but the acquisition price was not disclosed.
People + Vertical AI: The new operating model for energy and utilities
The energy and utilities industry is facing complex challenges such as electrification, distributed energy resources, and electric vehicles, making traditional models that rely on human judgment insufficient. Vertical AI, as an intelligent technology tailored to industry-specific scenarios, is collaborating with human experts to form a new operating model. Based on SEW.AI's research on 470+ organizations, this article explains how "human + vertical AI" achieves decision-making at scale by connecting four-dimensional data—customers, employees, business, and grid—and lists practical case studies from utilities in Canada and the United States.
2026 Q2 roundup: Utilities emphasize project execution and ratepayer protections
After reviewing over twenty utility earnings calls from Q2 2026, Utility Dive found that while maintaining the data center growth narrative, the industry faces dual pressures from equipment order backlogs and public resistance. TD Cowen analysts point out that affordability is becoming a key constraint, with industry discussions shifting from 'finding growth opportunities' to 'recovering investments in ways acceptable to customers and regulators.' The three major gas turbine manufacturers have backlogs ranging from 35 to 116 gigawatts and are simultaneously expanding production.
FERC approves TransAlta, PowerTransitions gas-fired power plant deals
FERC on Thursday approved PowerTransitions' acquisition of the 1,242-MW Roseton gas- and oil-fired plant in New York from a Castleton Commodities International subsidiary, and TransAlta Holding's roughly $1 billion purchase of two gas-fired plants totaling 319 MW in Colorado from Kindle Energy subsidiaries. Both deals are expected to close by year-end.
Mitsubishi’s large-frame gas turbine backlog reaches 35 GW
三菱重工高管表示，2026财年第一季度（截至6月）大型燃气轮机需求超出预期，订单积压达35吉瓦，较上年同期23吉瓦大幅增长。公司能源系统部门重组后首季订单量同比上升56%，其中美国4台、日本6台大型机组订单。公司计划将产能较2024年翻倍，并继续评估扩产需求。
ConEd plans 28 new substations by 2035
ConEd's CECONY and O&R reported combined second-quarter electricity revenue exceeding $3.1 billion, up over 10% year-over-year. The company plans to build 28 new substations by 2035 and invest approximately $37.2 billion in distribution network upgrades to address climate policies and load growth.
Strong demand for data center generators pushes Caterpillar quarterly sales above $20 billion
Caterpillar reported second-quarter results with record sales and revenue of $20.5 billion, up 24% year-over-year, driven by demand for data center generators, bulldozers, and other industrial equipment. The CEO stated that customer orders are booked through 2030 and announced the restart of the 10-megawatt medium-speed gas engine platform.
PPL and Blackstone Joint Venture Locks in 5 GW of Gas Turbine Capacity for Pennsylvania Data Centers
PPL Corp. President and CEO Vincent Sorgi revealed on an earnings call that its joint venture with Blackstone Infrastructure, Invitium Energy, has locked in over 5 GW of gas turbine capacity for Pennsylvania data centers and has secured approximately 5 GW of interconnection queue acceptance from PJM. The joint venture expects to announce at least one power supply agreement this year, with potential investment reaching $15 billion by 2032.
Siemens Energy gas turbine order backlog approaches 70 GW, with simultaneous capacity expansion to meet record demand
Siemens Energy executives stated during the fiscal Q3 2026 earnings call that, driven by demand from data centers and other sectors, the company has added approximately 30 new medium and large gas turbine units, with orders reaching 15 GW this quarter and gas service backlog increasing to 69 GW. The company plans to expand medium gas turbine capacity to about 100 units by 2028 and increase grid equipment capacity such as transformers by approximately 50%.