Energy deals are turning into operating plants, signed power, and raised guidance

LNG, now operating

Venture Global reported third-quarter 2026 revenue of 4.8 billion dollars, an increase of 43% from the third quarter of 2025, net income of 2.5 billion dollars, an increase of 493%, and consolidated adjusted EBITDA of 2.6 billion dollars, an increase of 69%. The company commenced commercial operations at Phase 1 of the Plaquemines Project on October 31, 2026, and increased its full-year 2026 consolidated adjusted EBITDA guidance to 10.0 billion to 10.3 billion dollars. It executed 2.0 million tonnes per annum of new or increased 20-year LNG offtake agreements during and following the third quarter. m:…1571

The balance sheet moved with the plant. Venture Global secured a 3.0 billion dollar 364-day revolving credit facility for general corporate purposes, and repaid 2.8 billion dollars of the 3.0 billion dollar Equity Bridge Loan supporting the CP2 Project construction. It is also expanding into an off-grid AI utility business to support data centre infrastructure, and announced frame agreements with GE Vernova and Baker Hughes Energy Services for up to 16 new power islands. The LNG business is funding a second business in power for data centres. m:…1571

Geothermal, signed and running

Fervo Energy reported third-quarter 2026 net income of 11.7 million dollars, alongside a net loss attributable to common stockholders of 20.8 million dollars. Cape Station Phase I GeoBlock 1 achieved commercial operation on September 30, 2026, and Fervo signed a 15-year, 396-megawatt power purchase agreement with Google. The company has committed to offering Google an option to expand its offtake by approximately 600 megawatts, has 1,054 megawatts of capacity under binding power purchase agreements, and reports total contracted revenue of approximately 11.9 billion dollars. m:…4054

The build is still expensive: Fervo reported third-quarter 2026 capital expenditures of 256.7 million dollars and expects fourth-quarter capital expenditures of 450 million to 500 million dollars. An updated study by DeGolyer and MacNaughton supports 8.4 gigawatts of capacity potential at Cape Station. The contract book is large, the spending is large, and the question for the next two quarters is how much of the contracted revenue turns into operating megawatts. m:…4054

Tungsten, pipelines, and project awards

The Elmet Group reported third-quarter 2026 revenue of approximately 79.6 million dollars, with its gross profit margin improving to 31.3%, and an open order backlog of approximately 347.4 million dollars at the end of the quarter. The company secured a 450 million dollar investment from the Department of War and entered a long-term framework agreement with the Defense Logistics Agency valued at up to 2 billion dollars. It plans to invest 165 million dollars to expand and modernise US manufacturing capacity, committed approximately 150 million dollars to Blue Moon Metal's Springer Tungsten Complex through a joint venture, invested 125 million dollars in Masan High-Tech Materials Corporation, and announced the acquisition of OSRAM GmbH's metal production operations in Germany. m:…3570

Summit Midstream reported third-quarter 2026 net income of 15.9 million dollars and adjusted EBITDA of 70.7 million dollars, an increase of 16% relative to the second quarter of 2026. The company raised its 2026 adjusted EBITDA guidance range to 250 million to 260 million dollars, reached a final investment decision on the Double E Mainline Compression Expansion, and reported Double E throughput up 17% to a record 1,002 million cubic feet per day. Rockies segment adjusted EBITDA increased 32% to 40.0 million dollars and Mid-Con segment adjusted EBITDA increased 7% to 22.8 million dollars. Fifty-one new wells came online across the Williston and DJ Basin during the quarter, and Summit expects to connect 200 to 250 wells in 2027. m:…9673

Ameresco closes the set with project awards rather than a single plant. It reported third-quarter 2026 revenue of 580.3 million dollars, adjusted EBITDA of 91.7 million dollars, net income attributable to common shareholders of 31.9 million dollars, and GAAP earnings per share of 0.59 dollars. Total project backlog reached a record 7.2 billion dollars, after 875 million dollars in new project awards during the quarter and 737 million dollars converted from awarded to contracted backlog. Ameresco also adopted HLBV accounting for its consolidated joint ventures, including Ameresco Sunel Energy and Neogenyx Fuels, and adjusted its guidance to reflect the new accounting methodology. m:…1817