Abu Dhabi, UAE (May 27, 2025) - The Emirates Nuclear Energy Company (ENEC) and GE Vernova Hitachi Nuclear Energy (GVH) have signed an MoU on the sidelines of the World Utilities Congress in Abu Dhabi, UAE, to jointly evaluate the deployment of the BWRX-300 Small Modular Reactor (SMR) technology internationally. The MoU enables ENEC and GE Vernova Hitachi to further cooperate following the signing of the MoU in 2023 on the sidelines of COP 28 to evaluate the technology as part of ENEC’s ADVANCE program for advanced nuclear technology. Nuclear energy is a crucial solution to meeting the current unprecedented demand for reliable, dispatchable, more sustainable power coming from a broad range of customers, including hyperscalers seeking to power data centers to support growth in the AI and technology sectors.

The MoU was signed during a private ceremony at the World Utilities Congress in Abu Dhabi, UAE. HE Mohamed Al Hammadi, Managing Director and CEO of ENEC and Maví Zingoni, CEO of GE Vernova’s Power segment, exchanged signed MOUs as part of their commitment to explore opportunities for international deployment by collaborating on a development roadmap to include site identification, licensing pathways, investment and commercialization strategies and supply chain development.

Following the signing, His Excellency Mohamed Al Hammadi, Managing Director and CEO of ENEC, said: “As we continue to power the UAE with clean, baseload electricity around the clock, we are glad to move to the next level of cooperation with GE Vernova Hitachi to accelerate the deployment of new advanced nuclear reactor technologies in the UAE and internationally. This MoU will bring together our complementary expertise to identify a clear roadmap for deployment, which is essential to ensure safe, efficient and quality-led nuclear delivery, as we have experienced here in the UAE. As global power demand continues to grow at pace, we look forward to advancing new solutions to meet this growth in a sustainable manner.”

Maví Zingoni, CEO of GE Vernova’s Power Businesses, said: “Small modular reactors have an essential role to play in an energy secure future and we are pleased to advance our collaboration with ENEC as the UAE seeks to be an early mover for nuclear innovation. With projects moving forward in Canada and in the United States, collaborating with ENEC further strengthens our ties with the UAE and ability to deliver this technology and achieve a more sustainable energy future.”

As developer and operator of the four-unit Barakah Nuclear Energy Plant in Abu Dhabi, UAE, ENEC brings significant expertise following the successful deployment of civil nuclear energy to power the UAE’s grid, aligned to the highest standards of international quality and safety. ENEC is a member of the World Association of Nuclear Operators (WANO) Atlanta Center and therefore is aligned on US operating standards and regulatory environment, combined with unique expertise in deployment, financing and integration. Today, 25% of the UAE is powered by nuclear energy having brought each unit of the plant onto the grid in a highly efficient 7.9 years.

GE Vernova’s Nuclear Power business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. On May 8, the Province of Ontario and Ontario Power Generation (OPG) approved the deployment of the first BWRX-300 at the Darlington nuclear site in Ontario, Canada. Additionally, on May 20 Tennessee Valley Authority submitted application for construction of first BWRX-300 small modular reactor in the US. These milestones will make the BWRX-300 the first SMR to be built in the Western world and mark a significant step forward in advancing nuclear innovation, reinforcing GVH’s leadership position in scaling SMRs commercially. The technology and engineering are developed at the nuclear headquarters in Wilmington, NC.

Teams from ENEC and GE Vernova Hitachi will now work together to evaluate and develop a comprehensive roadmap for deployment of the BWRX-300. This forms part of ENEC’s ADVANCE Program, which was created to accelerate the evaluation and potential deployment of next generation nuclear technologies.

Beyond the Barakah plant, ENEC is focused on identifying investment, collaboration and deployment opportunities both in the UAE and overseas to support the rapid delivery of civil nuclear energy to drive energy security and sustainability through the provision of clean baseload electricity.

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About the Emirates Nuclear Energy Company
The Emirates Nuclear Energy Company (ENEC) is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy. Established by decree in December 2009 by the late His Highness Sheikh Khalifa Bin Zayed Al Nahyan, ENEC represents all aspects of the United Arab Emirates (UAE) Peaceful Nuclear Energy Program.

The four units of ENEC’s flagship Barakah Nuclear Energy Plant are generating 40 TWh of safe, clean and reliable electricity 24/7 for the UAE, boosting the Nation’s energy security and sustainability in parallel. The Barakah Plant generates around 25% of the nation’s electricity while preventing the release of 22.4 million tons of carbon per annum. As a result, ENEC is leading the largest decarbonization effort in the country and spearheading the UAE Net Zero by 2050 Strategic Initiative. Beyond overseeing safe, quality-led operations at Barakah, ENEC is focused on exploring opportunities to maximize the full value of the expertise developed in nuclear mega project program delivery and technology deployment through investment, collaboration and development opportunities. As part of this, ENEC is looking at new nuclear energy technologies such as Small Modular Reactors (SMRs) and Advanced Reactor technologies, through its ADVANCE program, for potential domestic and international deployment.

About ENEC Operations
A Joint Venture subsidiary of the Emirates Nuclear Energy Company (ENEC) and partially owned by the Korea Electric Power Corporation (KEPCO), ENEC Operations is mandated to safely operate and maintain Units 1 to 4 of the Barakah Nuclear Energy Plant in adherence to the highest standards of quality, safety, security, and operational transparency.

ENEC Operations is a multinational, multicultural company committed to operating excellence through its skilled nuclear energy workforce in the United Arab Emirates, with a focus on the development of UAE Nationals, and ensuring the highest levels of efficiency and standards in operating the Barakah Plant.

About ENEC Commercial
A Joint Venture subsidiary of the Emirates Nuclear Energy Company (ENEC) and partially owned by the Korea Electric Power Corporation (KEPCO), ENEC Commercial is in charge of representing the financial and commercial interests of the Barakah Nuclear Energy Plant project. For more information, visit www.enec.gov.ae 

About GE Vernova Hitachi Nuclear Energy
GE Vernova’s Nuclear Power business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan.
HITACHI is a trademark of Hitachi, Ltd. used under trademark license. GE is a trademark of General Electric Company used under trademark license.

The Bahamas (May 22, 2025) — GE Vernova Inc (NYSE: GEV) announced its trailer mounted TM2500* mobile aeroderivative solution is expected to bring fast and reliable power at the Bahamas to support possible peak summer demand and mitigate power shortages. Surpassing all previous records, more than 9,6 million tourists visited the island in 2023, with a relevant impact on power demand since the country has only about 400,000 inhabitants. Bahamas Turbines Limited (BTL), a subsidiary of FOCOL Holdings Limited, ordered two TM2500 aeroderivative gas turbine packages to expand temporarily its Clifton Piers power plant located in New Providence Island, Bahamas.

“Electricity is a necessity that adds massive value to modern life: our aeroderivative mobile solutions can provide power fast and almost anywhere, on or off the grid,” said Dave Ross, CEO of GE Vernova’s Gas Power business in the Americas. “As a company with a strong commitment to Caribbean and Central America’s development and a presence of over fifty years in the region, we are proud to help BTL increase their generation capacity and work towards providing more reliable power for their growing communities and crucial tourism sector.”

Despite its renewable potential, the Caribbean has a long history of fossil-fuel dependency and utilizes heavy fuel oil (HFO) and diesel for most of their power generation. Solar energy has always been another alternative of power for The Bahamas, but in order to make it reliable, it requires a very stable grid to connect to.

“Building on GE Vernova’s ability to support the growing need for fast power through the immediate availability for shipment of their TM2500 aeroderivative mobile gas turbine and plant equipment, we turned to GE Vernova as technology of choice for our needs for fast, flexible, and mobile power,” said Dexter Adderley, President & Chief Executive Officer

FOCOL Holdings Limited. “As more renewables come online and introduce intermittency into the grid, the deployment of GE Vernova’s trailer mounted aeroderivative gas turbine package expected to deliver up to 30 megawatts (MW) of electricity can support the improvement of frequency control of the grid. Two additional units will help reduce power outages and eventually facilitate the connection of more renewable generation.”

GE Vernova’s aeroderivative solutions are helping power plant operators in the region, like BTL, transition from HFO to a solution that can burn less carbon emitting fuels, like natural gas or diesel. GE Vernova’s TM2500 units offer high flexibility to support the grid. Each TM2500 unit can reach full production capacity in few minutes, which enables power providers to increase power generation quickly to help meet peak demand and ramp down units to avoid wasting energy when demand is lower.


 

KNOXVILLE, Tenn. (May 20, 2025) – Tennessee Valley Authority (TVA) has submitted an application to the U.S. Nuclear Regulatory Commission to construct a GE Vernova Hitachi Nuclear Energy (GVH) BWRX-300 small modular reactor (SMR) at the Clinch River site in Oak Ridge, Tennessee. It is the first construction permit application for a BWRX-300 in the U.S.

“TVA’s investment in the standard design of the BWRX-300 technology will accelerate its deployment, helping meet the rising demand for energy and enhancing energy security,” said Craig Ranson, President & CEO, GVH. “This milestone, in addition to this month’s decision by the Province of Ontario to build the western world’s first SMR, demonstrates that this technology is advanced and real.”

TVA has invested in the standard design of the BWRX-300 as part of a technical collaboration agreement with Ontario Power Generation (OPG), Synthos Green Energy and GVH. TVA is also leading a coalition of utility companies and supply chain partners that has applied for an $800 million U.S. Department of Energy grant to accelerate construction of the nation’s first SMR.

Momentum continues to build around the global deployment of the BWRX-300. Earlier this month, the Province of Ontario and OPG announced approval to proceed with construction of the first BWRX-300 at OPG’s Darlington site near Toronto. A total of four BWRX-300s are planned for the site with construction of the first unit to be complete by the end of the decade.

In January, it was announced that Duke Energy has entered into an agreement to invest in activities to advance the standard design and licensing of the BWRX-300 SMR and that American Electric Power (AEP) has selected the BWRX-300 for potential deployment at the Indiana Michigan Power Rockport Plant in Spencer County, Indiana, pending approval of the DOE funding request that TVA is leading.

The BWRX-300 SMR represents a cutting-edge technology designed to deliver reliable and carbon-free power with enhanced safety and efficiency. Each BWRX-300 will provide approximately 300 MW of electricity, enough to produce the equivalent electricity needed to power 300,000 homes while significantly reducing the complexity and cost associated with traditional nuclear reactors.

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About GE Vernova Hitachi Nuclear Energy
GE Vernova’s Nuclear energy business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan. HITACHI is a trademark of Hitachi, Ltd. used under trademark license. | GE is a trademark of General Electric Company used under trademark license.

Tucker, GA (May 20, 2025) – Today, Oglethorpe Power announced a major milestone in its efforts to supply its 38 member electric cooperatives with more generation to help meet Georgia’s growing electricity demand, selecting GE Vernova’s 7HA.03 combined-cycle technology for its new natural gas plant in Monroe County. As part of the agreement, GE Vernova is expected to supply two of its high-efficiency 7HA.03 gas turbines, two H84 hydrogen-cooled generators, two triple-pressure with reheat Heat Recovery Steam Generators and two STF-D600 steam turbines with H65 hydrogen-cooled generators. The gas turbines are manufactured in GE Vernova’s Greenville, South Carolina facility. In addition, GE Vernova is selected to provide a 20-year long-term service agreement, including all services and parts for the HA gas turbines, steam turbines and associated generators, to maintain the highest availability and reliability possible.

“GE Vernova’s advanced combined-cycle technology and services will help make Oglethorpe Power’s new Monroe County facility among the highest-performing, lowest-emitting and most efficient natural gas plants in Georgia,” said Oglethorpe Power President & CEO Annalisa Bloodworth. “We are proud to secure the technology for this critical energy project at a time when utilities across the globe are seeking solutions to meet rapidly growing energy demand. Once operational, this facility is expected to generate more than 1,400 megawatts of reliable energy for our members and the Georgia communities they serve.” Oglethorpe Power has collaborated with GE Vernova for many years to maintain and enhance existing turbines within its diverse resource portfolio.

“We are honored to have been selected to provide our highly efficient H-Class combined-cycle equipment for Oglethorpe Power’s new plant in Georgia,” said Dave Ross, CEO of GE Vernova’s Gas Power Americas region. “GE Vernova’s HA gas turbine fleet is among the most responsive and flexible in the industry, and we’re proud to support Oglethorpe Power and its members in meeting the state’s growing energy demands by delivering reliable electricity powered by our cutting-edge and highly efficient technology.”

Oglethorpe Power has expanded its generation capacity with eight natural gas-fired acquisitions in Georgia over the last 16 years, totaling more than 3,600 megawatts, and has also significantly invested in emission-free nuclear energy with the completion of the Vogtle expansion project. Additionally, the company co-owns Units 1 and 2 of Plant Scherer, a coal-fired generation facility also located in Monroe County, which provides more than 1,000 megawatts of dispatchable energy, providing tremendous reliability to the electric grid through onsite fuel storage. Oglethorpe Power also owns and operates more than 800 megawatts of pumped-storage hydroelectric generation.

As a result of this diverse generation portfolio, Oglethorpe Power projects that its carbon emissions intensity rate will decline by 41 percent by the end of 2025 compared to 2005 levels, while at the same time anticipating a 68 percent increase in the energy it generates for its member cooperatives. Oglethorpe Power’s investment in GE Vernova’s highly efficient technology will continue to support the company’s measured transition to a lower-carbon future.

Following a successful permitting process for the Monroe County combined-cycle project, Oglethorpe Power plans to begin work onsite as early as Fall 2025 and break ground shortly thereafter, with commercial operation expected to begin in 2029. Once all necessary permits have been received, additional details on the construction process and timeline for the project will be available at www.opc.com/newgeneration.

END

Notes to editors:
The Oglethorpe Power project is tied to a Slot Reservation Agreement signed with GE Vernova in 4Q 2024. The order is expected to be booked in 2025.

About Oglethorpe Power

Oglethorpe Power is among the nation’s largest power supply cooperatives and is one of the largest energy producers in Georgia. With more than $16 billion in assets, Oglethorpe Power owns and operates a diverse portfolio of resources to provide reliable, affordable, safe and environmentally responsible energy to 38 consumer-owned, not-for-profit Electric Membership Cooperatives (EMCs) that provide retail electricity to approximately 4.7 million Georgians. Through its investment in nuclear, natural gas, hydro and coal resources, Oglethorpe Power’s generation fleet has a combined capacity of more than 9,300 megawatts. For more information, visit www.opc.com.

Contact:                      Blair Romero

Phone Number:          770-270-7290

Email:                         blair.romero@opc.com 

CAPE TOWN, SOUTH AFRICA (May 20, 2025) – GE Vernova Inc. (NYSE: GEV) today announced the successful completion of the modernization of global energy and chemical company Sasol’s Secunda power plant in Mpumalanga, South Africa. The modernization included the replacement of the existing pre-combustor system with a new DLN1+ combustor supplemented by the Fuel Gas Module (FGM) skid to increase the operational efficiency of the two installed 9E gas turbines and reduce carbon emissions.

This project serves as a model for modernizing power plants across Africa. As the continent faces increasing energy demands, initiatives like this highlight how innovative solutions can enable more efficient energy production with reduced emissions, without requiring entirely new infrastructure.

The upgrade led to significant improvements, including:

• Reduction of NOx emissions significantly below the guaranteed values of 25 ppm, representing a reduction of three quarters from previous level.
• Avoidance of using water as a diluent with the DLN technology, with an expected water consumption saving equivalent to about 64 Olympic pools per turbine annually.
• There was an efficiency improvement compared to the previous combustor, translating to approximately 10,000 metric tons less CO2 emitted per gas turbine, supporting Sasol’s environmental objectives.
• Extension of the maintenance intervals, reducing downtime and operational costs.
• Enhanced reliability of the power supply delivered to the national grid.

"This project exemplifies our purpose to electrify the world," said Joseph Anis, President and CEO of GE Vernova's Gas Power business in Europe, Middle East, and Africa. "Building on our advanced combustion technologies, we are helping Sasol address South Africa’s energy needs more efficiently. Together, we are demonstrating how advanced technologies can deliver tangible benefits for both businesses and communities."

This project will be showcased at Enlit Africa, taking place from 20 – 22 May at the Cape Town International Convention Centre (CTICC) in Cape Town, South Africa. GE Vernova’s participation will include interactive activities at booth C22 in Hall 3 and speaking sessions covering a wide range of topics, including: a keynote on technology driven transformation, smart grids and the future of energy management, digitization and modernization of projects and accelerating women in energy.

GE Vernova has contributed to the development of the energy infrastructure in Africa for over a century, supporting power generation, transmission and distribution solutions, energy sector software applications, talent development, and community outreach.

TORONTO (May 8, 2025) - GE Vernova Hitachi Nuclear Energy (GVH), today announced that construction of the first BWRX-300 small modular reactor has been approved by the Province of Ontario and Ontario Power Generation (OPG). The approval clears the way for construction of the first of four planned BWRX-300s at OPG's Darlington site to begin soon with completion of the first unit scheduled by the end of the decade.

“In deploying the first BWRX-300 small modular reactor, Ontario is leading the way globally in the deployment of SMRs,” said Maví Zingoni, CEO, Power, GE Vernova. “Our work with OPG and project partners will serve as a benchmark for the global nuclear industry.”

“As the world looks to adopt SMR technology, we are proud to be embarking on construction of the first BWRX-300 with OPG, AtkinsRéalis and Aecon” said Lisa McBride, Canada Country Leader, GVH. “Ontario's supply chain is expected to contribute significantly to this project bringing substantial economic benefits to the province including the creation of thousands of jobs during manufacturing, construction and operation.

Early site preparation work at Darlington has been completed and in April the Canadian Nuclear Safety Commission granted OPG a licence to construct the first unit.

The 300 MW BWRX-300, a 10^th generation design, builds on decades of real-world boiling water reactor operating experience and innovation, using a standard design, a proven delivery model and GVH’s experience with cross-border regulatory collaboration.

GE Vernova has operated in Canada for more than 130 years and its support for the Canadian nuclear industry dates to the early 1950s when the company helped build the first Canadian nuclear power plant, the Nuclear Power Demonstration (NPD) reactor that became the basis for the entire CANDU fleet.

###

About GE Vernova Hitachi Nuclear Energy
GE Vernova’s Nuclear energy business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan. HITACHI is a trademark of Hitachi, Ltd. used under trademark license. | GE is a trademark of General Electric Company used under trademark license.

CAMBRIDGE, Mass. (May 08, 2025) - GE Vernova Hitachi Nuclear Energy (GVH) announced today approval from the Province of Ontario and Ontario Power Generation (OPG) to proceed with deployment of the first small modular reactor (SMR) in the Western world at the Darlington nuclear site in Ontario, Canada. This milestone marks a significant step forward in advancing nuclear innovation and reinforces GVH’s leadership position in scaling SMRs commercially.

The announcement in Canada has significant implications for other countries considering the deployment of SMRs. The BWRX-300 is built on a standard design and proven delivery model, offering a real, tangible solution to nations seeking to enhance their energy security, reduce carbon emissions, and meet rising energy demand. Countries such as the United States, United Kingdom, Poland and Sweden are already exploring the potential of SMRs like the BWRX-300 to meet their energy needs.

“This historic achievement in small modular reactor technology is more than a milestone, it’s a clear signal that we are ready to meet the moment. As we build toward a more holistic energy future, this achievement with the BWRX-300 shows how innovation in nuclear can deliver reliable, baseload, zero-carbon power generation,” said Scott Strazik, CEO, GE Vernova. “As we confront the challenges of increased demand, energy security and carbon intensity, this milestone reaffirms our commitment to innovation and a more sustainable energy future.”

As the first utility to commit to building a BWRX-300, OPG's experience will serve as a benchmark for other utilities considering SMR projects. Successful deployment at Darlington will demonstrate the feasibility and benefits of SMRs, encouraging broader adoption and investment in this transformative technology.

“The experience and efficiencies gained from deploying the first BWRX-300 at Darlington alongside OPG and our other partners will pave the way for subsequent SMR projects by establishing a proven model for construction and operation,” said Craig Ranson, President & CEO of GE Vernova Hitachi Nuclear Energy. “The standardized design and modular approach of the BWRX-300 enable economies of scale, making it easier and more cost-effective to replicate the construction process at other sites.”

GVH’s BWRX-300 SMR represents a cutting-edge technology designed to deliver reliable and carbon-free power with enhanced safety and efficiency. Each BWRX-300 will provide approximately 300 MW of electricity, enough to produce the equivalent electricity needed to power 300,000 homes while significantly reducing the complexity and cost associated with traditional nuclear reactors.

###

About GE Vernova Hitachi Nuclear Energy
GE Vernova’s Nuclear energy business, through its global alliance with Hitachi, is a world-leading provider of nuclear fuel bundles, services, and advanced nuclear reactor designs. Technologies include boiling water reactors and small modular reactors, such as the BWRX-300, which is one of the simplest, yet most innovative boiling water reactor designs. GE Vernova’s Nuclear fuel business, Global Nuclear Fuel (GNF), is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE Vernova-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan. 
HITACHI is a trademark of Hitachi, Ltd. used under trademark license. GE is a trademark of General Electric Company used under trademark license

When Miguel Vicedo was a graduate engineering student in Chicago, he attended a career fair with one idea in mind: the bigger, the better. Large companies, from his perspective, meant large opportunities, especially for someone from a small town who longed to travel and experience different cultures.

Vicedo met a recruiter from GE Vernova and considered how the company checked all the boxes. It was multifaceted and international, a massive business producing giant machines. Sign me up, he said.

Sulaymaniyah, IRAQ (April 28,2025) – GE Vernova (NYSE: GEV) announced today the AGP XPAND upgrade, an evolution of its proven Advanced Gas Path (AGP) technology introduced more than a decade ago on the company’s 9E.03 fleet to boost gas turbine capacity. The first AGP XPAND is planned to be installed at the 1,250 MW Bazyan Power Plant —operated by Taurus Energy, a portfolio company of Onex Group, a private energy group with a track record in power generation, utilities, energy trading, shipping, and refining.

The news was celebrated in Sulaymaniyah in the presence of H.E. Qubad Talabani, Deputy Prime Minister of the Kurdistan Regional Government, H.E. Kamal Mohammad Salih Khalil, Minister of Electricity in the Kurdistan Regional Government and Mr. Steven Bitner, Consul General at the U.S. Consulate General Erbil along other senior government officials and local business leaders.

The new technology is engineered to help gas plant power producers and industrial operators increase their 9E.03 gas turbines output by up to approximately 7 percent, with an approximately 1 percent of incremental efficiency, while keeping reliability, availability, and maintenance largely unchanged. In addition, exhaust energy could increase by up to 2.6 percent to produce more steam or power, for combined heat and power (CHP) plants or combined cycle plants, like the Bazyan power plant.

Taurus is welcoming this technology, which could modernize its Bazyan site, powered by four GE Vernova 9E.03 and two 9F.04 gas turbines. The plant is fueled by natural gas as the primary fuel source and light fuel oil as back–up fuel and engineered for base-load operations with an expected lifetime of 25-30 years. The AGP XPAND upgrade is expected to enhance the current capacity and deliver additional much-needed electricity to the Kurdistan Region as well as nearby cities and governorates such as Mosul and Salahaldin.

Additionally, a new 17-year long term service agreement was signed covering four GE Vernova’s 9E units with the first 9E Rotor Life Extension package in Iraq, demonstrating an extension of the strategic collaboration between the two companies.

“We have a long-standing relationship with GE Vernova. For over a decade, we have been utilizing GE Vernova’s technology, and we are proud that Taurus, part of the Onex Group, is leading the way in bringing this breakthrough technology to Iraq,” said Sheikh Saad Tayeb Hasan, Founder & Chairman of ONEX. “By utilizing Kurdistan Region’s natural gas resources and power generation capacity, we are laying the foundation to create an energy hub. Through projects like Bazyan, we can contribute to the efforts to meet local energy needs as well as transmit additional power to other parts of the country. Our celebration today truly confirms GE Vernova’s long-term commitment to Iraq.”

Latest Game Changer in AGP technology

Built on 9E’s fleet experience and the technical improvements from the 9E.03 AGP, AGP XPAND components have evolved by making additional updates to the materials and sealing of AGP components, enabling a substantial increase the firing temperature above that of the 9E AGP. These components were engineered by GE Vernova’s teams in Greenville, South Carolina, United States and in GE Vernova’s Engineering Center in Warsaw, Poland. They are produced at the company’s Manufacturing Excellence Centers in Belfort, France and Vereseghyaz, Hungary.

“With over 730 units deployed worldwide, half of which are installed in the Middle East and Africa, GE Vernova has the largest operating and most experienced E-class fleet in the world and confirms its commitment to keep its mature fleets competitive in today’s very dynamic marketplace,” said Amit Kulkarni, Head of Product Management & Strategy, Gas Power at GE Vernova. “Improving existing technologies is the fastest way to inject power to the grid. The modernization of the current 9E.03 installed base can boost the power output and efficiency of existing 9E.03 gas turbines across the world. This would lead to a possible cumulative increase of up to 5 gigawatts of electricity at the global level, and a combined more than $100* million in fuel savings annually for the same baseline output, while opening up the potential for an aggregate incremental profitability of up to $310 million annually due to the new power capacity*.”

GE Vernova 9E.03 units using natural gas, distillate oil or ash-bearing fuels, both in a simple or combined cycle configuration, can be upgraded to AGP XPAND during a typical hot gas path or major inspection.

“We are delighted to celebrate the new long term service agreement and the installation of our new upgrade at the Bazyan power plant,” said Joseph Anis, President & CEO of GE Vernova’s Gas Power business in Europe, Middle East, and Africa. “We trust this upgrade represents an excellent solution for countries like Iraq, which have a large 9E.03 installed base and pressing needs to meet growing energy demand. We are delighted to work with Taurus Energy on this essential project as reliable operations at strategic facilities, such as the Bazyan power plant, are crucial to sustain economic development efforts across the country.”

GE Vernova has supported the development of energy infrastructure in Iraq for 60 years and helped to build and service power plants and grid substations. It has added more than 19 GW of power capacity since 2011, built and energized more than 30 substations since 2015, and mobilized over $3 billion in financing for energy projects since 2015.

* Considering the entire 9E fleet, using 4,000 hours / years of operation, fuel price of $3/MMBtu, and electricity price of $40/MWh

** Incremental profitability due to additional output (the additional revenues, minus the additional fuel costs, which are needed to generate the additional MW)

END

Notes to editors

Financial Editors:  Please note this order was booked in the first quarter of 2025

CHARLOTTE, N.C. and CAMBRIDGE, MASS. (April 24,2025) – 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, SC 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 (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

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.