GE Vernova Q2: Gas Turbine Reservations and Order Backlog Tops 55 GW

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Written by Jesse Broehl for Industrial Info Resources (Sugar Land, Texas)--Natural gas-fired power plants are getting the most attention these days for a variety of reasons already well articulated in various IIR Energy articles and the wider energy marketplace. Since there are only a few original equipment manufacturers (OEMs) in this marketplace, the one and only U.S.-headquartered OEM, GE Vernova (Cambridge, Massachusetts), is the "belle of the ball," so its market activity is closely watched.

On Wednesday, July 23, GE Vernova held its Q2 quarterly results call, and this article compiles a few notable takeaways related to GE's gas turbine business.

IIR Energy's database also provides a thorough view on where GE Vernova's gas turbines are being used throughout the energy markets. For example, this link provides a compilation of all 41 units of GE Vernova gas turbines commissioned in the U.S. since the beginning of 2024. Database search parameters can be altered by subscribers for different data insights.

Q2: Gas Turbine Business by GW

• Power orders grew 44%, led by gas power equipment nearly tripling year-over-year.
• Continued strength in gas power demand as the company signed 9 gigawatts (GW) of new gas equipment contracts in 2Q, of which 7 GW went into slot reservation agreements and 2 GW went directly into orders.
• During the quarter, the company converted 3 GW of supply reservation agreements (SRAs) from previous quarters into orders, while shipping 5 GW of equipment.
• This resulted in backlog remaining at 29 GW, while growing slot reservation agreements from 21 to 25 GW, building total backlog in slot reservation agreements to 55 GW from the 50 the company talked about at April Q1 earnings calls.
• The company continues to see higher turbine prices and strong demand and still expects to have at least 60 GW between backlog and reservation agreements by the end of the year at better margins with significant momentum into 2026.

Gas Turbines by Unit Orders, and Jump in Aeroderivative Gas Turbine Orders
The company booked 20 heavy-duty gas turbines, including 7 HA units, which was 6 more heavy-duty units compared to the number booked in the second quarter of 2024. The HA units are the company's main combined-cycle power plant turbines used in many of today's gas power plants.

GE Vernova also secured orders for 27 aeroderivative units compared to only one unit last year. The company is seeing incremental demand for its aeroderivative technology, particularly to support data centers.

Aeroderivative Gas Turbines
As the name suggests, aeroderivative gas turbines are essentially modified aircraft jet engines adapted for stationary or marine power generation or propulsion. These are smaller units than the more standard combined-cycle power plant turbines the company sells.

Aeroderivative units are known for their lightweight, compact design, high efficiency, and rapid start-up times. Unlike heavy-duty industrial gas turbines, aeroderivatives prioritize power-to-weight ratio and quick response, making them ideal for applications requiring flexible and reliable power, such as grid stabilization and integration with renewable energy sources.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).