The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1006 ET - GE Vernova raised its full-year free cash flow outlook to between $11.5 billion and $12.5 billion, up from $6.5 billion to $7.5 billion, after a slew of slot reservations for its gas-powered equipment in 2Q. The company says slot reservation agreements grew to 116 gigawatts from 100 gigawatts, and are now on track to hit 125 gigawatts by the end of the year. Year-to-date, the company has generated about $10 billion in free cash flow which is 2.5 times more than it did in 2025, CEO Scott Strazik says on a call with analysts. "We expect our free cash flow in the first half of the year to be substantially higher than the second half, as many of these slot reservations convert to orders," CFO Ken Parks says on the same call. (dean.seal@wsj.com)

0931 ET - Siemens Energy shares' sharp drop following GE Vernova's quarterly results isn't justified, JPMorgan analysts write. Shares in the gas turbine manufacturer fell by as much as 9% as investors worry about whether the orders its U.S. peer announced are binding, the analysts say. The read-across to Siemens Energy is unwarranted as the German group is more focused on confirmed orders, they say. Moreover, GE Vernova's expanded capacity has raised concerns about oversupply--but JPMorgan analysts continue to see demand outstripping supply through 2028. "Evidently, demand is still very strong and supply is still materially too low versus demand, for now at least." Siemens Energy pares losses to fall 4.8%, while GE Vernova shares fall 5% premarket. (josephmichael.stonor@wsj.com)

0917 ET - GE Vernova's explosive order growth in 2Q from its power and electrification businesses are counterbalancing a slowdown in its wind unit tied to tariff uncertainty. Orders in the wind unit were down 40% organically, sinking segment revenue by 10%. The U.S. market for new onshore equipment remains soft, and the company is still watching to see what happens with President Trump's 232 tariffs that would weigh on wind development, CEO Scott Strazik says on a call with analysts. It remains difficult to forecast when U.S. orders will turn around in light of the tariff situation and persistent permitting delays faced by customers, CFO Ken Parks says. (dean.seal@wsj.com)

0834 ET - Oil futures extend their gains as the U.S. and Iran continue strikes and U.S. Secretary of State Marco Rubio said Iran isn't serious about peace talks. His comments come after President Trump said Tuesday that the U.S. isn't interested in a meeting until Iran is ready to meet in a meaningful way. "This, combined with the opening of new fronts, will likely prompt a wave of speculators to chase prices higher, potentially pushing Brent crude above the triple-digit levels," says Peter Cardillo of Spartan Capital. WTI is up 3.2% at $87.06 a barrel and Brent is 3.6% higher at $94.29. (anthony.harrup@wsj.com)

0609 ET - Infrastructure debt continues to be a reliable source of stable, defensive income, Schroders Capital CIO Nils Rode says in a note. "It represents a compelling allocation within private credit and real assets portfolios, delivering income that diversifies overall corporate exposure," he says. Infrastructure debt benefits from structural tailwinds. The global need for investment across energy, digital, transport and social infrastructure is expanding, alongside demand for financing options to meet ambitious spending and development plans, Rode says. Infrastructure debt is also "one of the most effective ways" to combine a stable yield with a defensive asset that provides protection during market selloffs. Junior infrastructure debt now offers double-digit returns for investors seeking higher returns, Rode adds. (emese.bartha@wsj.com)

0459 ET - Iberdrola's entry into Finland via grid operator Caruna marks a strategic geographical pivot, according to Citi analysts. While the market favors the network-led expansion, the 2-billion-euro acquisition carries a demanding valuation. Citi warns the deal comes at a high price as the Spanish utility company is paying double what the grid assets are worth and 17 times Caruna's expected 2027 profits. This is to take on a business with a high level of debt so as to secure 369 million euros in operating profit by 2027. "Strategically, the acquisition fits the company's focus on networks but brings a new geography to Iberdrola's mix, which historically has focused on Spain, the U.K., the U.S., and Brazil--a strategy the market appreciates," Citi says. Shares are down 0.5% at 21.21 euros. (anthony.orunagoriainoff@dowjones.com)

0419 ET - Iberdrola enters Finland's power grid market with a new buyout but the deal comes with a high price tag relative to grid asset value and future profits, RBC Capital Markets analysts say. The utility company will acquire an 80% stake in Finland's Caruna for around 2 billion euros. It expects the deal to boost its profit per share by about 1% in the first year, and help shift more of its business toward safe, government-regulated power grids, RBC says. Caruna's network is projected to reach an asset value of roughly 3 billion euros by 2031, backed by a stable regulatory framework granting an 8% return on equity through the decade, RBC says. Shares are down 1.4% at 21.03 euros. (anthony.orunagoriainoff@dowjones.com)

0156 ET - Norway's Equinor reports a solid operational quarter as it posts a small underlying beat to consensus expectations,RBC Capital Markets analyst Biraj Borkhataria writes. Most of the oil major's divisions report underlying earnings relatively close to expectations but cash flow from operations and gearing were better than expected, he adds. The call with management later Wednesday will likely focus on outlook for the Johan Sverdrup and Johan Castberg fields, he adds. Shares closed Tuesday at 364.40 kroner.(adam.whittaker@wsj.com)

1505 ET - Oil futures rise for a third straight session as the U.S. and Iran continue strikes, while President Trump says the U.S. isn't interested in a meeting until Iran is ready to meet in what he called "a meaningful way." His comments dampen expectations for a quick return to the negotiating table. "The market remains supported by elevated geopolitical risk, but any meaningful diplomatic breakthrough could quickly remove part of the current risk premium," analysts at Kotak Neo say in a note.WTI for August delivery goes off the board at $84.91 a barrel, up 2%, while the September contract rises 2.3% to $84.34. Brent settles up 2% at $91.01 a barrel. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

July 22, 2026 12:20 ET (16:20 GMT)

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