NRG Energy (NRG) said Wednesday it joined GE Vernova (GEV) and Kiewit's Industrial unit to form a venture to increase electricity generation capacity to meet growing demand from computing and generative AI.
The company said the venture will focus on developing efficient natural gas combined cycle plants, initially targeting over 5 gigawatts of new capacity for the ERCOT and PJM markets.
The first 1.2 gigawatts project is expected to begin operations in 2029, the company said, adding the model is scalable, with plans to expand to 10-15 gigawatts and expand to other regions in the US.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.