GE Vernova shares jumped 3.7% in pre-market trading following reports of a proposed emergency wholesale electricity auction for the PJM grid. The plan, backed by President Trump and bipartisan governors, aims to address power reliability and affordability by requiring tech companies to fund new plants through long-term contracts.

The auction could spur $15 billion in new generation capacity, creating 5-7.5 gigawatts of power. Jefferies analysts call GE Vernova the "clearest winner," with potential benefits for NextEra Energy and others. The deal also includes two-year price caps and shifts grid expansion costs to new data center operators like Amazon and Google.

Incumbent power companies face risks, with Constellation Energy and others seeing stock declines. The agreement, set for a White House signing, excludes PJM grid operator input. This move reflects broader tension between rapid data center growth and aging grid infrastructure across 67 million people in the mid-Atlantic region.