GE Vernova's gas turbine backlog reached 116 GW in the second quarter, and the company is now selling 2031 delivery slots, meaning that anything ordered today misses the entire 2027 demand curve.
Goldman Sachs forecasts that U.S. data centers will add 36.3 GW of capacity in 2027 alone, exceeding the combined annual output of all three major turbine manufacturers.
PJM's July auction cleared at its price cap for the third consecutive year, finishing 6,831 MW short of its own reliability requirement.
GE Vernova has a backlog of 116 GW of gas power equipment, while Siemens Energy has a backlog of 69 GW.
In total, the three companies have 220 GW of orders, which exceeds the industry's annual production capacity.
