Companies building and operating US power grid infrastructure are enjoying a profit boom.
NextEra Energy, the country’s largest power provider by market cap, reported that its net income for the second quarter nearly doubled from a year ago, largely driven by surging demand for data center power. And GE Vernova, one of the world’s top manufacturers of hardware for power plants and electric grids, saw its share price hit a record high this week after posting similarly bullish quarterly results.
Yet both companies are struggling to navigate an increasingly challenging environment for renewables in the US: NextEra said it is waiting to understand how its plans to develop new wind and solar farms on federal land will be affected by a Trump executive order this month requiring such projects to get the personal sign-off of the Interior Secretary, while GE Vernova posted losses for its wind energy division.