Here's Why GE Vernova Stock Soared in August
Shares in power, wind, and electrification company GE Vernova (NYSE: GEV) rose by 12.8% in August, according to data provided by S&P Global Market Intelligence. The move was due to a combination of positive newsflow and underlying growth in the company's core business.
The company combines the former power (essentially gas turbine equipment and services), wind (onshore and offshore wind turbines), and electrification (grid distribution, transmission, and power conversion) of General Electric. As such, it benefits from spending on renewable energy (wind turbines) and from the traditional energy source of natural gas.
The advent of investment in renewable energy has raised concerns over the long-term future of its power business. However, those concerns have abated this year as it's become clear that using gas as a transition fuel is critical to the clean energy trend.
Source Fool.com
