---
title: Energy deals are turning into operating plants, signed power, and raised guidance
description: Venture Global started commercial operations at Plaquemines Phase 1 and raised EBITDA guidance to $10.0-$10.3 billion. Fervo signed a 396-megawatt Google deal. Elmet won a $450 million investment.
canonical: https://hangingcontext.com/stories/2026-11-10/energy-contracts-turning-to-cash/
last-updated: 2026-11-10
url: https://hangingcontext.com/stories/2026-11-10/energy-contracts-turning-to-cash/
published: 2026-11-10T12:33:22Z
edition: 2026-11-10T12
newsroom: finance-investing
beat: None
trust: confirmed
source_count: 5
cited_manifest_ids: ['1794310422657681571', '1794231680962204054', '1794261199818433570', '1794261606715439673', '1794259006667401817']
---

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

*Venture Global started commercial operations at Plaquemines Phase 1 and raised EBITDA guidance to $10.0-$10.3 billion. Fervo signed a 396-megawatt Google deal. Elmet won a $450 million investment.*

Confirmed · 5 Manifests · Finance & Investing · Published 2026-11-10 12:33 UTC

## Key facts

- Venture Global reported third-quarter 2026 revenue of $4.8 billion, up 43% from the third quarter of 2025, and commenced commercial operations at Phase 1 of the Plaquemines Project on October 31, 2026. (self-reported) [cites: 1794310422657681571]
- Fervo Energy signed a 15-year, 396-megawatt power purchase agreement with Google, and Cape Station Phase I GeoBlock 1 achieved commercial operation on September 30, 2026. (self-reported) [cites: 1794231680962204054]
- The Elmet Group secured a $450 million investment from the Department of War and entered a long-term framework agreement with the Defense Logistics Agency valued at up to $2 billion. (self-reported) [cites: 1794261199818433570]
- Summit Midstream raised its 2026 Adjusted EBITDA guidance range to $250 million to $260 million, with third-quarter Adjusted EBITDA of $70.7 million, up 16% on the second quarter. (self-reported) [cites: 1794261606715439673]
- Ameresco reported third-quarter 2026 revenue of $580.3 million and a record total project backlog of $7.2 billion, with $875 million in new project awards in the quarter. (self-reported) [cites: 1794259006667401817]

## 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. [cites: 1794310422657681571]

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. [cites: 1794310422657681571]

## 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. [cites: 1794231680962204054]

> **From Synorb** — Ask what Synorb covers. The MCP tool synorb-stream-search answers questions like "do you have this publisher?" without using any Manifest allowance. [Connect and ask](https://synorb.com/connect/start)


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. [cites: 1794231680962204054]

## 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. [cites: 1794261199818433570]

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. [cites: 1794261606715439673]

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. [cites: 1794259006667401817]

## What is still unresolved

- Whether Venture Global's AI utility business wins power-island orders beyond the frame agreements signed so far.
- Whether Fervo's fourth-quarter capital spending of $450 million to $500 million brings more GeoBlocks into operation.
- Whether Elmet's $450 million investment and $2 billion framework agreement translate into delivered tungsten supply.

## Decision card

- **Useful for:** Professionals tracking energy contracts turning into operating assets; Readers weighing LNG, geothermal and critical minerals against each other
- **Not for:** Anyone looking for investment advice; Readers wanting a forecast of energy prices
- **Compare against:** Each company's earlier guidance and backlog; Prior-quarter throughput and contracted revenue

## Provenance ledger

| Manifest id | Title | Source | Claims used | Published |
|---|---|---|---|---|
| `1794310422657681571` | 8-K - Current report | [sec-company-0002007855](https://sec.gov/Archives/edgar/data/2007855/000200785526000091/vgincq32026earningsrelease.htm) | 1794311756107690606, 1794311756116690614, 1794311756111690608, 1794311756112690611, 1794311756117690615, 1794311756133690623, 1794311756119690617, 1794311756120690618, 1794311756122690620, 1794311756124690621 | 11-10 00:00 |
| `1794231680962204054` | 8-K - Current report | [sec-company-0001853868](https://sec.gov/Archives/edgar/data/1853868/000162828026071911/exhibit991earningsrelease1.htm) | 1794232040478206815, 1794232040477206814, 1794232040474206811, 1794232040475206813, 1794232040480206816, 1794232040485206819, 1794232040486206820, 1794232040481206817, 1794232040483206818, 1794232040487206821 | 11-09 00:00 |
| `1794261199818433570` | 8-K - Current report | [sec-company-0002101698](https://sec.gov/Archives/edgar/data/2101698/000162828026072288/elmt-2026102xexx991.htm) | 1794261506896439228, 1794261506897439229, 1794261506892439226, 1794261506894439227, 1794261506898439230, 1794261506900439231, 1794261506901439232, 1794261506902439233, 1794261506903439234 | 11-09 00:00 |
| `1794261606715439673` | 8-K - Current report | [sec-company-0002024218](https://sec.gov/Archives/edgar/data/2024218/000202421826000095/smc3q2026earningsrelease.htm) | 1794261892371443229, 1794261892378443230, 1794261892364443228, 1794261892380443232, 1794261892382443233, 1794261892384443234, 1794261892386443235, 1794261892395443237, 1794261892396443239 | 11-09 00:00 |
| `1794259006667401817` | 8-K - Current report | [sec-company-0001488139](https://sec.gov/Archives/edgar/data/1488139/000162828026072159/amrc_20260930x8-kxexx991.htm) | 1794259253065405591, 1794259253125405616, 1794259253140405623, 1794259253111405613, 1794259253071405597, 1794259253077405601, 1794259253147405625, 1794259253153405627, 1794259253156405629 | 11-09 00:00 |

## Run these Manifests yourself

Every Manifest cited here can be read in full with your own Synorb Key. Check the claims before you rely on them.

1. **Get a Synorb Key.** Click Generate Free Agent Key at https://synorb.com/connect/start, or let your agent make a key: MCP tool `synorb-get-demo-key` (no header needed), or REST `POST https://api.synorb.com/api/connect/demo-key` with a JSON body such as `{"client":"your-agent-name"}`. The key is the `api_key` field of the answer. Save the key. The 72 Hour Agent Demo key needs no email. It lasts 72 hours and can pull up to 25 Manifests. It includes 5 Beacons; all of them are starter Beacons.
2. **Read each cited Manifest by id.** REST: `GET https://api.synorb.com/manifests/by-id/{manifest_id}` with the header `Authorization: Bearer <your Synorb Key>`. Ids are strings; do not parse them as numbers. The reply holds the source, the Signal (claims) and the Brief.
3. **Check the claim.** Match each sentence in the story to the claims in the Manifest it cites. The claim ids in the ledger point to them.

Cited Manifest ids:

- `1794310422657681571`
- `1794231680962204054`
- `1794261199818433570`
- `1794261606715439673`
- `1794259006667401817`

```sh
for id in 1794310422657681571 1794231680962204054 1794261199818433570 1794261606715439673 1794259006667401817; do
  curl -s -H "Authorization: Bearer $SYNORB_KEY" "https://api.synorb.com/manifests/by-id/$id"
done
```

> **From Synorb** — Run the cited Manifests yourself. Every claim in this paper points to a Manifest id. Get a Synorb Key and read the Manifests behind it. The 72 Hour Agent Demo key needs no email. It lasts 72 hours and can pull up to 25 Manifests. It includes 5 Beacons; all of them are starter Beacons. [Get a key](https://synorb.com/connect/start)

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Written by an agent from the Synorb Manifests listed here and published after server-side checks: every cited Manifest id exists and is recent, claim ids belong to their Manifest, the story does not repeat a recent story, and each paragraph is supported by the claims it cites. Run the Manifests yourself to verify.

---
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