NextEra Energy (NEE) is rising 5% today after the firm announced that it was taking steps to boost its natural gas and nuclear output in order to meet the surging demand for electricity. The latter trend is being sparked by the AI boom.
A New Partnership and a Nuclear Initiative
On NextEra’s fourth-quarter earnings call today, CEO John Ketchum disclosed that the firm would partner with GE Vernova (GEV), which sells gas turbines, to launch natural gas-powered plants.
An industrial facility emitting natural gas from large pipes, with workers in the foreground.
“This agreement has the potential to support multiple gigawatts for data centers, the reshoring of manufacturing and the electrification of industry,” Ketchum said on the call. The CEO added that the company planned to offer its customers a combination of “integrated renewable storage” and electricity powered by natural gas.
Meanwhile, NextEra continues to seek to restart its Duane Arnold nuclear plant in Iowa. As a step towards accomplishing the latter goal, Ketchum noted that it had officially begun seeking “a licensing change” related to the facility from the U.S. Nuclear Regulatory Commission.
The Recent Price Action of NEE Stock
In the last month, the shares have risen 1%, while they are down 11% in the last three months.
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This article is originally published at Insider Monkey
