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Deeptech and AI · Research note · 29 Oct 2026

A 122 gigawatt queue for gas turbines, and the 20 gigawatts India already owns

On 28 October 2026 GE Vernova reported third-quarter results: orders of $29 billion, up 96% organically, a $197 billion backlog, and a gas turbine equipment backlog plus slot reservation agreements of 122 gigawatts, up from 55 gigawatts fifteen months earlier, with at least 130 gigawatts now expected by year-end. The same day it disclosed a $9.0 billion agreement to buy Trench Group, a maker of high-voltage grid components. On the earnings call the company said full-year 2026 gas orders will be priced about 50% higher per kilowatt than 2025 orders and that it sold slots for delivery in 2032. India, by the Ministry of Power's count, has 20,122 megawatts of gas-based generating capacity, 3.8% of its total, and the Central Electricity Authority recorded a plant load factor of 14.28% for gas and liquid-based stations in July 2026. This note sets out the figures, their sources, the Indian context, and what the data does not show.

By Jayprakash Mistry, Founder, Svatantra.ai

One email with the PDF attached. You will be on the list for future notes and can unsubscribe from any of them. The list is not sold or shared.

Every number, and where it comes from

The first five figures in the note.

The full table has 20 rows. Each figure is as published on the date shown, with its denominator.

FigureWhat it measuresSource
122 GWGE Vernova gas power equipment backlog plus slot reservation agreements at 30 September 2026, up from 116 GW at 30 June 2026GE Vernova, Q3 2026 results, 28 Oct 2026
At least 130 GWGas power equipment backlog plus slot reservation agreements the company now anticipates by year-end 2026; the July release said at least 125 GWGE Vernova, Q3 2026 results, 28 Oct 2026; Q2 2026 results, 22 Jul 2026
55 GWThe same measure at 30 June 2025, up from 50 GW at 31 March 2025GE Vernova, Q2 2025 results, 23 Jul 2025
100 GW; 116 GWThe same measure at 31 March 2026 and 30 June 2026GE Vernova, Q2 2026 results, 22 Jul 2026
2.2x122 GW divided by 55 GW, June 2025 to September 2026. Author's arithmeticDerived from GE Vernova releases of 23 Jul 2025 and 28 Oct 2026

15 more figures in the PDF, each with its source.

Sources

13 primary releases.

  1. GE Vernova, GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, and increases share repurchase authorization (28 October 2026)
    Verbatim: "Orders of $29B, +96% organically led by equipment at Power and continued services strength"; "Revenue of $12.6B, +27%, +18% organically"; "Backlog growth of $20B sequentially from equipment and services, reaching $197B in total"; "Gas Power equipment backlog and slot reservation agreements grew from 116 to 122 GW; now anticipate reaching at least 130 GW by year-end 2026"; "Cash from operating activities of $6.1B; free cash flow of $5.4B"; "In October, the Board of Directors increased the share repurchase authorization to $20B, from $10B". CEO Scott Strazik: "We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins".
    gevernova.com
  2. GE Vernova via SEC EDGAR, Form 8-K exhibit, third quarter 2026 press release and segment tables (28 October 2026)
    Verbatim: "In October, GE Vernova announced it has signed an agreement to acquire Trench Group", "a global leader in high-voltage grid equipment, for $9.0 billion USD equivalent", "with close expected in late 2027, subject to customary regulatory approvals"; price "based on a EUR/USD exchange rate of 1.12". Segment table: Power orders $21,780M (Q3 2026) against $7,832M (Q3 2025); Electrification orders $5,371M against $5,069M; total revenues Q3 2025 $9,969M; free cash flow Q3 2025 $732M.
    sec.gov
  3. Investing.com, Earnings call transcript: GE Vernova tops Q3 2026 forecasts on orders and cash (28 October 2026)
    Third-party transcript. CEO Scott Strazik: "Full year 2026 gas orders pricing per kW will be approximately 50% higher than full year 2025 orders."; "Q3 orders were priced more than 20% above Q4 2025 equipment orders"; "This quarter, we sold multiple slots for 2032 delivery"; "We've been pretty open for a while that we needed to get to this 5-gigawatt quarterly run rate"; "Demand also remains diverse with approximately 100 customers in 25 different countries, of which approximately 80% are traditional customers and 20% are for data centers."; "Total segment data center orders are now more than $6 billion year to date, including roughly $1.4 billion in Q3."; "with a $9 billion purchase price, we are paying 13 times 2028 EBITDA before synergies"; "Trench is the leader in dry-type bushings". CFO Ken Parks: "we booked orders of $29.3 billion, a 96% increase year-over-year"; "We now expect revenue to be in the range of $46.5 billion-$47.5 billion"; "we also anticipate our free cash flow to be in the range of $16 billion-$17 billion." Strazik: "These margins reflect the first quarter of our 5 gigawatt of gas power equipment shipments at better prices."
    investing.com
  4. GE Vernova, Second quarter 2026 results press release (PDF) (22 July 2026)
    Verbatim: "Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW; now anticipate reaching at least" 125 GW by year-end 2026; "remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026"; "with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030"; "Orders of $24.2B, +88% organically"; "With a backlog of $176 billion".
    gevernova.com
  5. GE Vernova, Second quarter 2025 results press release (PDF) (23 July 2025)
    Verbatim: "Gas Power equipment backlog and slot reservation agreements grew from 50 to 55 GW".
    gevernova.com
  6. Triton Partners, Triton completes acquisition of Trench (2 April 2024)
    Verbatim: "Triton Fund V advised by Triton ("Triton") has successfully completed the acquisition of Siemens Energy's Trench business." Products "including bushings, instrument transformers and coil products".
    triton-partners.com
  7. Siemens Energy, Earnings release Q3 FY2026 (quarter ended 30 June 2026), mirror copy (5 August 2026)
    Verbatim: "Book-to-bill ratio was 1.57 and order backlog rose yet again to a new record high of €162bn." Gas Services: "Book-to-bill ratio was 2.65 and order backlog increased to €73bn." Fetched from a mirror hosted by Egypt Oil & Gas, not from siemens-energy.com.
    egyptoil-gas.com
  8. Ministry of Power, Government of India, Power Sector at a Glance: installed generation capacity (fuelwise) as on 31.03.2026 (31 March 2026)
    Table row: Gas 20,122 MW, 3.8% of total installed capacity 5,32,740 MW.
    powermin.gov.in
  9. Central Electricity Authority via npp.gov.in, Monthly generation report, July 2026: energy generation, programme and plant load factor for gas and liquid-based stations (July 2026 (report dated 18 August 2026))
    Row as extracted: "ALL INDIA 20122.42 2438.00 2137.49 14.28" (monitored capacity MW, target MU, generation MU, PLF %; column order inferred from layout).
    npp.gov.in
  10. Central Electricity Authority via npp.gov.in, Monthly generation reports, June 2026 and March 2026, gas and liquid-based stations (June and March 2026)
    June row as extracted: "ALL INDIA 20122.42 2537.00 2253.65 15.56". March row: "ALL INDIA 20122.42 3238.00 1574.94 10.52".
    npp.gov.in
  11. Digital Terminal, citing CBRE South Asia, India's data centre capacity on track to reach 2 GW by end-2026: CBRE (7 October 2026)
    Verbatim: "India's data centre (DC) market added approximately 130 MW of new capacity in the first six months of 2026"; "while more than 200 MW is expected to go live in the second half of the year"; "the country's total operational data centre capacity is on track to reach 2 GW by the end of the year." Report named: Beyond Growth: India's Rise Among APAC's Leading Data Centre Markets.
    digitalterminal.in
  12. GuruFocus via Yahoo Finance, GE Vernova T&D India Q1 FY27 earnings call highlights (10 August 2026)
    Verbatim: "Revenue: INR18.4 billion for Q1 FY26-'27, up 38% year-on-year from INR13.3 billion."; backlog "INR209.3 billion as of June 2026"; order intake "INR11.4 billion, down 30% year-on-year from INR16.2 billion."; "Export Revenue: 30% of Q1 revenues"; "Export Orders: 46% of Q1 orders." Secondary summary of the 7 August 2026 call. The board meets on 30 October 2026 to consider the September-quarter results (BSE intimation of 12 October 2026 via Bazaarwatch).
    finance.yahoo.com
  13. Lawrence Berkeley National Laboratory, Berkeley Lab report evaluates increase in electricity demand from data centers (17 January 2025 (adapting a DOE release of 20 December 2024))
    Verbatim: "Data centers consumed about 4.4% of total U.S. electricity in 2023"; "are expected to consume between 6.7 and 12% of total U.S. electricity by 2028."; "The total data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023"; "is estimated to increase between 325 to 580 TWh by 2028."
    energyanalysis.lbl.gov