New York, Jan 18, 2026, 17:37 EST — Market closed.
Shares of GE Vernova Inc. (GEV) jumped 6.1% on Friday, ending the day at $681.55 following a turbulent week for U.S. power and grid stocks.
A late-week rally came after the White House urged PJM Interconnection — the country’s largest power grid — to hold an emergency auction to prevent blackouts and ease soaring power bills as demand from data centers climbs. The move targets a cap on what existing plants can charge in PJM’s “capacity” market, which pays generators to stay ready during demand surges. That market recently saw prices spike to over 800% above last year’s levels, Reuters reported. The plan also pushes data centers to fund new generation built just for them, a strategy the administration calls “BYOG,” or “bring your own generation.” 1
PJM, which manages power for 67 million people across 13 states and Washington, D.C., is working to stay ahead of the growing demand surge. “This is not a yes/no to data centers,” said PJM Board chair and interim president David Mills, as the group unveiled its 2026 plan. The package includes a “connect and manage” strategy for large new loads and options that could force curtailments — cutting usage — during peak demand periods. 2
Jefferies analyst Julien Dumoulin-Smith labeled GE Vernova the “clearest winner” amid discussions of a PJM backstop-style emergency auction, but cautioned about “net risk” for incumbent generators as policymakers tighten the screws on prices and push for new supply. 3
Other power stocks fell on Friday. Constellation Energy dropped 9.8%, while Vistra lost 7.5%, as investors mulled the risks to current plant owners if price caps take hold and new builds favor big users. According to Investopedia, the plan includes tech giants bidding on 15-year power contracts, aiming to fund about $15 billion in new plants.
GE Vernova supplies turbines and gear crucial for power generation and grid infrastructure, making its stock a stand-in for major, politically driven buildout phases — especially when those projects seem solid and financed. 4
Wall Street was closed Sunday, and the NYSE will remain shut Monday for Martin Luther King Jr. Day. Traders will have to wait until the market opens Tuesday for new cash-market action. 5
The immediate focus is political and procedural: will PJM adopt the White House’s “BYOG” framework? How might emergency procurements be handled? And crucially, what will the final rules dictate for data-center operators compared to households and small businesses? When price caps and forced contracting enter the conversation, power stocks can swing sharply in either direction.
The timeline remains the sticking point. Officials might align on the plan, but auctions, permits, interconnection queues, and long equipment lead times could delay any real payoff. Plus, the policy push could shrink, shift, or get tangled in regulatory battles.
GE Vernova is set to report its fourth-quarter and full-year 2025 results on Jan. 28, ahead of the market open. CEO Scott Strazik and CFO Ken Parks will discuss the numbers during a 7:30 a.m. ET webcast. 6
