GE Vernova's $1.083 Billion Trading Day Ranks 61st as Saudi Energy Projects Boost Stock Price

On March 24, 2025, GE Vernova (GEV) saw a trading volume of $1.083 billion, ranking 61st in the day's stock market activity. The stock price of GEV increased by 2.91%.

GE Vernova, a global energy company, has made significant strides in the energy sector, particularly in Saudi Arabia. The company recently completed the first gas turbine outage at Saudi Electricity Company's (SEC) 8th power plant in Riyadh, entirely led by Saudi engineers and specialists. This project underscores GE Vernova's commitment to fostering local talent and promoting localization within Saudi Arabia's energy sector, aligning with Saudi Vision 2030.

The successful completion of this project highlights the extensive training, certifications, and practical experience of Saudi talent. The maintenance was crucial for ensuring the reliability and efficiency of the power generation assets, requiring meticulous planning and execution. The project was supported by GE Vernova’s Live Outage platform, a digital tool that enhances field execution through standardized procedures and safety best practices.

This initiative marks a pivotal step in enhancing plant efficiency and the long-term reliability of power units. Engineer Abdulaziz Saeed Al-Shumaila, Head of Power Generation Operations in the Central Region, Saudi Electricity Company, emphasized the commitment to providing reliable and stable power supply for the Kingdom. The collaboration with GE Vernova aims to empower more Saudi engineers and specialists to assume advanced leadership and technical roles within the Kingdom’s robust energy ecosystem.

Hisham Al Bahkali, President of GE Vernova, Saudi Arabia, noted that the successful maintenance project at Riyadh’s 8th power plant showcases the Kingdom's local talent in driving a more sustainable energy future. This achievement demonstrates Saudi engineers' capabilities in managing complex energy projects and supports Vision 2030. The ongoing collaboration with SEC will further advance the Kingdom’s energy transformation and cultivate national competencies.

In 2024, GE Vernova secured its largest-ever Middle East & Africa order for six 7HA.03 gas turbines, two 7E.03 units, and a 21-year maintenance agreement for Saudi Arabia's Taiba 1 and Qassim 1 power plants. The company also completed FEED studies exploring decarbonization options for three Saudi Arabian cogeneration plants, potentially reducing carbon emissions using pre- and post-combustion technologies.

With its spin-off from GE and commencement of independent trading on the NYSE on April 2, 2024, GE Vernova’s extensive technology base, including approximately 55,000 wind turbines and 7,000 gas turbines, plays a vital role in the energy transition in Saudi Arabia and around the world. The company's investments in Saudi Arabia include the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which features a Service and Repairs Center for gas turbines, the GE MENA Decarbonization Center of Excellence, and GE Saudi Advanced Turbines (GESAT).