Deeptech and AI · Research note · 14 Oct 2026
GE Vernova's gas equipment under contract went from 55 GW to 116 GW in a year, against a target of 20 GW a year of turbine output
At 30 June 2026 GE Vernova reported 116 gigawatts of gas power equipment in backlog plus slot reservation agreements, against 55 GW at 30 June 2025. Of the 116 GW, 63 GW are slot reservations, not firm orders. The company targets 20 GW of annual gas turbine output in the third quarter of 2026. This note sets out the figures behind the comparison, the arithmetic applied to them, what two other turbine makers report, and what the data does not show.
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Every number, and where it comes from
The first five figures in the note.
The full table has 16 rows. Each figure is as published on the date shown, with its denominator.
| Figure | What it measures | Source |
|---|---|---|
| 116 GW | GE Vernova Gas Power equipment backlog plus slot reservation agreements, global, at 30 June 2026. Up from 100 GW at 31 March 2026 | GE Vernova, second-quarter 2026 release, 22 Jul 2026 |
| 55 GW | Same metric at 30 June 2025. Up from 50 GW at 31 March 2025 | GE Vernova, second-quarter 2025 release, 23 Jul 2025 |
| +111% (2.1x) | Change in backlog plus slot reservations, 30 June 2025 to 30 June 2026. Author's arithmetic: 116 / 55 = 2.109. Described in the post as more than doubled | Derived from the two GE Vernova releases |
| 53 GW | Firm backlog within the 116 GW at 30 June 2026, up from 44 GW a quarter earlier | GE Vernova, second-quarter 2026 release, 22 Jul 2026 |
| 63 GW | Slot reservation agreements within the 116 GW at 30 June 2026, up from 56 GW a quarter earlier. Not firm orders | GE Vernova, second-quarter 2026 release, 22 Jul 2026 |
11 more figures in the PDF, each with its source.
Sources
7 primary releases.
- GE Vernova (SEC Form 8-K exhibit), Second quarter 2026 earnings press release (22 July 2026)"Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW". "Signed 20 gigawatts (GW) of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW of orders." "resulting in backlog growth from 44 to 53 GW and an increase in slot reservation agreements from 56 to 63 GW". "we 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". "We now expect to have at least 125 GW of gas equipment under contract by year-end 2026." "Converted 10 GW of existing slot reservation agreements to orders and shipped 3 GW of equipment".sec.gov
- GE Vernova (SEC Form 8-K exhibit), Second quarter 2025 earnings press release (23 July 2025)"Gas Power equipment backlog and slot reservation agreements grew from 50 to 55 GW". "resulting in backlog remaining at 29 GW, while growing slot reservation agreements from 21 GW to 25 GW." Used only as the year-ago base for the same metric.sec.gov
- GE Vernova (investor relations), 3rd Quarter 2026 Earnings Webcast (Scheduled 28 October 2026)Events page lists the webcast for "October 28, 2026 07:30 am - 08:30 am EDT". Used only for the date of the next update to the 116 GW figure.gevernova.com
- Utility Dive (Emma Penrod), citing Siemens Energy, Siemens Energy's gas turbine backlog nears 70 GW as company expands manufacturing (10 August 2026)"It shipped 6 GW of turbines during the third quarter, bringing its total gas services backlog to 69 GW". "The company booked orders for 15 GW from its gas services division this quarter". "lead times across the company now run three years or more". Secondary source; the Siemens Energy presentation was not fetched.utilitydive.com
- Utility Dive (Emma Penrod), citing Mitsubishi Heavy Industries, Mitsubishi's large-frame gas turbine backlog reaches 35 GW (13 August 2026)"Its current backlog for the turbines is 35 GW, up from 23 GW a year earlier." Orders booked last quarter "are currently scheduled for delivery between 2028 and 2030". Secondary source; the company's results were not fetched.utilitydive.com
- Data Center Dynamics, citing BloombergNEF, Cost to construct new gas plants surges by 66% as data center demand strains supply chain (29 April 2026)Contesting evidence. New US combined-cycle plant cost "has skyrocketed from less than $1,500 per kilowatt of generating capacity in 2023 to $2,157 in 2025". Secondary and older than 90 days.datacenterdynamics.com
- Power Engineering, citing Wood Mackenzie, WoodMac: manufacturing constraints could limit gas power's growth (15 May 2025)Contesting evidence. Capital costs for combined-cycle turbine equipment "potentially reaching $2,800 per kW by 2028". Secondary and older than 90 days.power-eng.com