What is GE Vernova?

GE Vernova's backlog is north of $90 billion and Caterpillar's backlog is north of $60 billion, reflecting a surge in US manufacturing demand.

“Backlog at Caterpillar is north of $60 billion. The backlog at Vernova is north of almost $90 billion.”

GE Vernova, Siemens, and Mitsubishi are expanding combined-cycle turbine production capacity by only 10 to 20%, signaling manufacturer skepticism about sustained data center power demand projections.

“The CEO of Mitsubishi, Siemens and GE Vernova, which are the three companies that produce these combined cycle turbines are kind of expanding production capacity a little like on the order of 10 to 20% because they've seen this movie before.”

GE Vernova warrants watching as a bellwether for US power infrastructure demand, with a backlog exceeding $90 billion.

“Backlog at Caterpillar is north of $60 billion. The backlog at Vernova is north of almost $90 billion.”

GE Vernova expanded US turbine manufacturing capacity from 18 GW to 30 GW within a few years, a roughly 67% increase.

“We've gone, I think, from 18 gawatts of capacity to announcing 30 gawatts of capacity here in the US. That's a lot in a few years.”

GE Vernova onboards approximately 28 new factory workers every Monday in the US to build grid equipment.

“Every Monday morning about 28 people, we've done the math, punch a time card for the first time in one of our factories here in the United States to build the equipment we need.”

The first SMR in the western world is scheduled to put electrons on the grid by 2030, though it will not yet be commercially operational at that date.

“The schedule isn't for it to be commercially operational by 2030. So it'll be the first SMR in the western world to be putting electrons on the grid in 2030.”

Roger (GE Vernova) warns that US policy instability risks ceding ground to Asia and the Middle East, which execute decade-long energy plans without relitigating them in courts.

“Then I compare that with other parts of the world I get to travel to, whether that's in Asia or the Middle East. They come up with a 10-year plan, they stick to it, they invest in it, they execute on, they implement it. And I worry about that. I worry about that for my children, for our country, that are we going to fall behind because other countries are able to stick to something, execute on it, and we just kind of keep relitigating the same policies, going to courts, two steps forward, two steps back.”

The carbon intensity of generation capacity GE Vernova put online in 2025 was 30 to 37% below the average global grid carbon intensity.

“The carbon intensity of that capacity we put online in 2025 was 30% 37% below the grid itself.”

GE Vernova says OEMs are not the bottleneck in grid deployment, pushing back on the widespread perception that equipment manufacturers are the primary constraint.

“I think people got the message, okay, Vernova is not the bottleneck. I think there was a perception that the OEMs like ourselves, we were the bottleneck and there's other things that could be bottlenecks, but I do think we have managed to explain what is accurate that we will meet the moment.”

Urgency calls from customers about grid equipment supply chain constraints are less frequent now than a year ago, contradicting narratives of a worsening crunch driven by AI demand.

“Those calls are less common today than they were maybe a year ago.”