Paris, FRANCE (July 28, 2026) — First Hydro Company (joint venture between ENGIE and La Caisse), and GE Vernova Inc. (NYSE: GEV), announce the next phase of the modernization/replanting of the Dinorwig pumped storage hydropower plant in North Wales, UK. Under the agreement, GE Vernova is expected to replace two pumped storage units as part of First Hydro's long-term replanting programme at Dinorwig, to help extend the life of the plant for decades to come, while enhancing the plant’s reliability, availability and performance in support of UK grid stability.

Now over 40 years old, Dinorwig is one of Europe’s largest pumped storage hydropower plants and is renowned for its rapid response capability, delivering up to 1,320 MW of power within 12 seconds from standby, and up to 1,800 MW in under a minute. With such characteristics, this plant plays a vital role in grid resilience and frequency response, providing a capacity equivalent to power around one million homes in the UK.*

As majority owner and operator of the plant through First Hydro Company, ENGIE is making a significant long-term investment to extend its operational life. The wider programme includes the replacement of key plant components across all six generating units, alongside significant infrastructure upgrades.

The modernization forms part of one of the UK's largest hydro refurbishment and replanting programme, helping to strengthen long-term grid resilience and support the integration of renewable energy in the UK's evolving electricity system. This programme is expected to extend the plant’s life by at least 25 years, to ensure continued delivery of fast, flexible low-carbon power.

"This contract marks an important milestone in our long-term investment programme at Dinorwig," said Delphine Cherel-Sparham, Managing Director of ENGIE Hydro UK. "As majority owner and operator of the plant, ENGIE is committed to ensuring Dinorwig continues to provide the flexibility, resilience and energy storage capabilities that the UK electricity system increasingly depends upon. Together with GE Vernova, we are investing in the modernization of key generating units to help secure the plant's performance for decades to come.”

“This project is a strong example of how GE Vernova can bring innovation and engineering expertise to a landmark hydro asset,” said Emmanuel Mercier, GE Vernova’s Hydro Power EMEA Leader. “Dinorwig is a highly strategic facility for the UK power system, and we are proud to support First Hydro Company in strengthening the reliability and performance of this important plant.”

The announcement follows the successful completion of the pumped storage unit model test validation at GE Vernova’s testing laboratory in Grenoble, France. As part of its scope, GE Vernova is expected to supply the upgraded motor generators and pump turbines, alongside refurbishment of embedded parts such as the spiral case, stay ring and draft tube. The project also includes an upgraded control system for the station, as well as low-voltage, medium-voltage and DC power supply systems. The pump turbines and motor generators were engineered respectively in GE Vernova’s Centers of Excellence in Grenoble, France and Birr, Switzerland. 

The project also builds upon GE Vernova’s cross-business capabilities, including Variable Frequency Starting Equipment engineered, supplied and installed by GE Vernova’s Power Conversion business in Germany, a protection system provided by Grid Solutions in Spain, and the manufacture of the generator shaft by Gas Power in Switzerland. The plant’s control system will be refurbished using GE Vernova’s industrial experience.

Pumped Storage Projects

Pumped storage hydro provides large-scale energy storage and fast-response flexibility, helping to balance electricity supply and demand while supporting the integration of renewable energy. Through First Hydro Company, ENGIE and La Caisse own and operate the Dinorwig and Ffestiniog pumped storage stations in North Wales, which together provide 2.1 GW of installed capacity and represent around 74% of the UK's pumped storage hydro capacity.

GE Vernova is one of the largest players in the global pumped storage space with nearly 30% of the global installed base and is currently developing more than 3 GW of pumped storage projects around the world.

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Note to editors: 

Financial editors: the order was booked in Q2 2026.
* Assuming that the average UK household demand at a given moment: about 1.8 kW per home.

About ENGIE 

ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With more than 90,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses. Every year, ENGIE invests on average €12 billion per year to drive forward the energy transition and achieve its net-zero carbon goal by 2045.

About ENGIE in the UK

ENGIE employs more than 8,000 people in the UK and operates right across the energy value chain, producing, storing, distributing, and supplying energy. It owns and manages a diverse portfolio of renewable generation and flexible storage assets, including Europe’s largest pumped-storage hydro plant. It also supplies energy to more than 17,000 business customers and produces over 200 GWh of biomethane each year.

ENGIE owns UK Power Networks, the UK’s leading electricity distribution network operator, serving 8.5 million customers across London, the South East and East of England. Through Ocean Winds, its joint venture, ENGIE is one of Scotland’s largest offshore wind generators with 1.8 GW of capacity. Over more than 20 years, ENGIE has invested billions in the UK’s energy transition - supporting energy security and enabling customers to decarbonise at scale.

ENGIE Financials

Turnover in 2025: €71.9 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris - Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).

ENGIE Press contact:
Alanna Rooney
Tel. UK: +44 7739072404
Email : Alanna.Rooney@engie.com / UKmediaenquiries@engie.com 

As the global energy transition accelerates, maintaining the long-term stamina of critical infrastructure like wind turbines requires being able to spot hidden risks before they can become failures. Proactively protecting these systems means uninterrupted energy for neighborhoods, smarter and safer environments for inspectors, and lower operational costs.

VERESEGYHÁZ, Hungary – July 27, 2026 — GE Vernova Inc. (NYSE: GEV) is proud to mark the 25th anniversary of its Veresegyház facility this year, celebrating a quarter-century of excellence as the company’s largest Gas Power manufacturing base outside the United States. To honor this milestone, the company is announcing the modernization of the facility including an on-site solar park to bolster energy independence, new lean production lines and a commitment to workforce growth with plans to add more than 80 professionals over the coming years to support its increasing capacity.

The Veresegyház facility serves as a primary manufacturing and service hub for GE Vernova’s global Gas Power operations, specializing in the high-tech production and precision repair of critical gas turbine components. With advanced capabilities in robotic welding and specialized thermal coatings, the site functions as a vital center of excellence for both new equipment manufacturing and essential repair services.

Advancing sustainability through major solar park development. To support the long-term sustainability of these operations, the solar project is being conducted in phases as part of the company's transformation at the Veresegyház site. The first phase was successfully completed with the installation of a 2 MW solar car canopy, covering more than 500 parking spaces. In the current, second phase, a total of 14.5 MW of photovoltaic (PV) panels are being installed, alongside a 40 MWh battery storage system. This phase encompasses more than 21,000 PV panels covering over 15 hectares, with grid connection expected by this autumn.

Once fully operational, this integrated renewable energy system will allow almost 50% of the site’s current total annual electric energy consumption of 33 GWh to be covered by zero-emission, renewable energy. This significantly improves the plant's energy self-sufficiency and aligns with GE Vernova’s broader mission to reduce the carbon footprint of its global manufacturing operations. 

Modernizing operations with new lean production lines. This sustainability milestone coincides with a period of intense growth for the facility as it works to address the global electricity "investment supercycle". To meet surging demand, last year GE Vernova’s $24,5 million investment, supported by a planned significant contribution of the Hungarian Investment Promotion (HIPA), set the foundation for the site's ongoing modernization, which now includes the successful installation of new lean production lines and the commissioning of high-performance precision machinery. Additionally, five advanced coating booths equipped with vacuum furnaces are now operational to bolster repair and manufacturing output.

Strengthening commitment to workforce growth and talent. After successfully onboarding approximately 100 new team members last year, the facility is actively hiring up to 80 additional professionals — including machinists, welders, fitters, and assembly operators - to support this expanded capacity.

"Reaching our 25th anniversary while simultaneously developing our solar park is a powerful testament to our team's dedication," said Viktoria Fodor, GE Vernova’s Veresegyház Plant Manager. "We are not just expanding our capabilities, energy independence and talents; we are building a more sustainable and efficient future. By blending advanced manufacturing technology with renewable energy, we are ensuring that Veresegyház remains a core element of GE Vernova’s global gas power manufacturing operations for decades to come."

GE Vernova maintains a robust operational presence in Hungary, anchored by key strategic locations that support its global energy mission. The company’s footprint is centered around its major Gas Power manufacturing and service facility in Veresegyház, complemented by active operations in Százhalombatta. These industrial efforts are supported by a central office in Budapest, which serves as a hub for the Power, Electrification, and Wind businesses. This regional network is further strengthened by a significant organizational infrastructure, housing essential corporate functions including Finance, HR, and Digital Technology, alongside specialized teams dedicated to Global Services and Global Supply Chain operations.

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Notes to editors
Financial editors: The mentioned investment is part of a larger $11 billion cumulative global capex and R&D investment plan from 2025 through 2028. 

Today, we released our second quarter 2026 financial results. We delivered strong performance in the quarter, with significant orders and backlog growth, margin expansion, and cash generation. Given our strong first half results and continued momentum, we are increasing our 2026 financial guidance for revenue and free cash flow*. We maintain our adjusted EBITDA margin* rate of 12%-14% which implies increased adjusted EBITDA* based on higher revenue guidance.

CAMBRIDGE, Mass., (July 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify to thrive and decarbonize, today reported financial results for the second quarter ending June 30, 2026.

“We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow. With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation, GE Vernova’s momentum is building, and we are raising our 2026 financial guidance,” said GE Vernova CEO Scott Strazik. “We now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030. We are also seeing continued demand growth in Electrification, with data center orders reaching over $5 billion year-to-date, more than double our 2025 total. I am proud of how our team is executing with discipline, and I am confident there is substantial value creation ahead.”

"We had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth at Power,” said GE Vernova CFO Ken Parks. “Given our significant free cash flow generation, we ended the quarter with a cash balance of $13.1 billion, up $4.3 billion in the year, even as we returned more capital to shareholders so far this year than in the full year of 2025 through our share repurchase actions and quarterly dividend payment. Based on our strong financial performance, we have increased our full year expectations for revenue and free cash flow.” 

 

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 ¹Defined as remaining performance obligation (RPO) 

*Non-GAAP Financial Measure

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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of these or similar expressions. These forward-looking statements may include, among others, statements about our future performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our actual and planned investments, including in research and development, capital expenditures, joint ventures, and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; government policies; our expected cash generation and management; our lean operating model; our capital allocation framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; and our credit ratings.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

• Quality issues or safety failures among our products, solutions, or services;
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• Other changes in macroeconomic and market conditions and volatility. 

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website at https://www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Additional Information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information
Additional financial information can be found on the Company’s website at: https://www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

HONOLULU, (July 20, 2026) – GE Vernova Inc. (NYSE: GEV) today announced it has secured a contract with Hawaiian Electric (HECO), the electric public utility in Hawaii, to supply six LM6000VELOX* aeroderivative package units to repower the aging oil-fired steam turbines at its Waiau Power Plant facility in Pearl City, O’ahu. The project is currently on schedule for the first two units to be in commercial operation in 2029, with subsequent units coming online in phases.

These smaller and more efficient aeroderivative turbine units will replace assets ranging from 58 to 67 years old that are currently slated for retirement. Upon completion, this project is expected to add over 250 megawatts (MW) of firm power to the grid, helping ensure reliable service when variable renewable resources like wind and solar are unavailable. 

“The project will repower the facility with proven, fuel-flexible and modern technology,” said Mike DeCaprio, Hawaiian Electric Vice President of Power Supply. “This represents the most significant modernization of the O‘ahu generation infrastructure in decades and it will strengthen the reliability and resilience of our system while supporting the integration of more renewable resources like solar and energy storage.” 

To achieve this, Hawaiian Electric selected GE Vernova’s LM6000VELOX aeroderivative solutions to provide the precise operational flexibility required for the modern Hawaiian grid.

"We are proud to support HECO in their mission to provide fast, reliable, and more sustainable power to the people of Hawaii. Because Hawaii’s energy grid is isolated and cannot rely on continental interconnections for emergency support, the need for rapid-response capability is paramount,” said Dave Ross, CEO of GE Vernova's Gas Power business in the America’s pole. “By deploying our aeroderivative units, HECO gains the benefit of efficient and modular power assets that can transition from a cold start to full load in under 10 minutes. This jet engine-derived technology is uniquely suited to balance the variable nature of renewable energy, helping to ensure grid stability when it is needed most."

GE Vernova’s aeroderivative packages can operate on a variety of liquid fuels, including biofuels produced locally, and can be converted to run on liquefied natural gas if it becomes available. The project will utilize the current land footprint of Waiau Power Plant and reuse much of the existing infrastructure, which reduces cost and community impact.