GE Vernova's Global Natural Gas Turbine Reservations and Order Backlog Grows to 100 GW

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Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

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Summary

GE Vernova's gas turbine reservations and order backlog grew from 83 GW to 100 GW in the first quarter, according to the company's first-quarter earnings results.

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GE Vernova's Gas Turbine Business is Strong

According to Industrial Info Resources data, there are 90 units of GE Vernova gas turbines that have been commissioned in the U.S. since the beginning of 2024. Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Power Project Database can view a list of the units.

GE Vernova saw the reservations and orders backlog for its gas-turbine business grow from 83 gigawatts (GW) to 100 GW in the first quarter, which played a role in the company's overall backlog jumping from $123.4 billion to $163.3 billion year-over-year and revenue guidance increasing for full-year 2026.

"In Gas Power, we continue to see significant demand and favorable pricing trends for both equipment and services," Scott Strazik, chief executive officer of GE Vernova, said in the first-quarter earnings conference call. "This demand is global and spans a diverse set of customers. We saw continued strength in new gas turbine agreements in Q1, signing 21 gigawatts in countries like the U.S., Vietnam, Mexico, Brazil, and Canada," to grow the backlog to 100 GW.

Demand for gas-fired power is growing largely due to rising needs from data centers and the overall power grid.

"We now expect to reach at least 110 GW of combined gas turbine backlog and slot reservation agreements by year-end 2026 and are raising our 2026 financial guidance," he said in the earnings-related press release.

Revenue for the year now is expected in a range of $44.5 billion and $45.5 billion, up from previous guidance of $44 billion to $45 billion.

GE Vernova reported the following for its Power segment in Q1:

• Power orders grew 59% (to US$10 billion), led by gas power equipment.
• Continued strength in gas power demand as the company signed 21 GW of new gas equipment contracts in Q1, of which 19 GW went into slot reservation agreements and 2 GW went directly into orders.
• During the quarter, the company converted 6 GW of supply reservation agreements (SRAs) from previous quarters into orders, while shipping 4 GW of equipment.

The company looks to boost its gas turbine-manufacturing capacity to about 24 GW annually by 2028. In the call, Strazik reflected on its ability to fill orders, noting 10 GW of capacity cumulatively for both 2029 and 2030. "What has happened in the first quarter is we sold a lot of 2030 slots, because the reality is we had a lot of customers that, looking at planning with EPC [engineering, procurement and construction] schedules and other dynamics, needed the 2030 slot more than 2029."

"We need to keep seeing where this market takes us. At the end of the day, in many of the cases with these projects, the gas turbines are really not the gating item when you are talking about a three-year cycle from when a project starts--the EPC (engineering, procurement and construction) buildout, the permitting, the fuel availability."

Gating items are key constraints that limit project completion.

Electrification and Wind Segments

In addition to GE Vernova's Power business, the Electrification segment also is expected to boost 2026 revenue. Strazik said the segment booked US$2.4 billion in equipment orders to support data centers, more than all of last year.

The company completed its acquisition of the remaining 50% stake in grid equipment supplier Prolec GE, which also will accelerate growth in the segment.

In the Wind segment's first quarter, orders of US$1.2 billion increased 85% year over year, "mainly due to improved onshore equipment orders, primarily in North America, off of a low year-over-year comparison. However, for now, it is still difficult to call an inflection point in U.S. orders as customers still face permitting delays and tariff uncertainty."

Other Q1 Financial Results

• First-quarter net income of US$4.7 billion was driven by a US$3.99 billion tax gain from the Prolec GE acquisition. Income for first-quarter 2025 was US$264 million, although that low amount was due to losses in its Wind segment.
• First-quarter revenue of US$9.3 billion jumped 16% year over year, led by the Power and Electrification segments.

GE Vernova's Capital Investment

The company reported US$400 million in capital expenditures (capex) for the first quarter, which included increasing production in Power and Electrification--part of its commitment to invest US$6 billion in capex from 2025 through 2028, including US$1 billion from Prolec GE from 2026 to 2028.

GE Vernova is investing US$160 million to expand production at its gas turbine-manufacturing plant in Greenville, South Carolina--construction of which could wrap up by the end of the year--as well as a proposed US$41 million expansion of its gas-power equipment manufacturing plant in Schenectady, New York. The latter project could kick off later this year. Subscribers can view the related project reports.

Also in the GMI database is Prolec GE's US$150 million expansion of its Goldsboro Power Transformers plant in North Carolina. The project is designed to double production capacity of medium power transformers to 420 units per year by constructing and equipping a new 144,000 square foot facility. Production could begin in 2028. View the project report here.

Key Takeaways

• GE Vernova's gas turbine reservations and order backlog grew from 83 GW to 100 GW in the first quarter.
• The company raised its full-year revenue guidance in large part due to strength in its gas turbine-business.
• First-quarter net income reached US$4.7 billion, while the Power and Electrification segments buoyed first-quarter revenue of US$9.3 billion (up 16% year over year).
• GE Vernova plans to invest US$6 billion in capex from 2025 through 2028.

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