GE Vernova’s remaining performance obligation (RPO) rose to $176 billion at the end of the second quarter, up $13 billion from the prior quarter and 37% higher than a year ago, reflecting a sustained surge in global electricity infrastructure investment.
The backlog’s scale—comparable to the GDP of mid-sized economies such as Kuwait or Slovakia—underscores the company’s central role in supplying power generation and grid infrastructure equipment across gas, wind, steam, and nuclear segments. GE Vernova estimates its installed base accounts for roughly half of the world’s gas turbine capacity and one-quarter of global electricity generation.
Demand for gas turbines is accelerating, supported by the rapid expansion of artificial intelligence data centers, which require reliable, high-capacity power sources. GE Vernova’s HA-Class turbines, capable of delivering 400 MW to 800 MW per block of baseload power, are a key beneficiary of this trend, alongside its aeroderivative turbines, which provide flexible power for peak demand and remote facilities.
Natural gas, often described as a bridge fuel due to its 50% lower carbon emissions than coal, is increasingly favored for grid stability amid the growth of intermittent renewable energy sources. The company’s portfolio spans both large-scale baseload solutions and peak-shaving technologies, positioning it to capitalize on the ongoing energy transition and data center-driven electricity demand.
GE Vernova reported $38 billion in revenue last year, with the backlog providing visibility into earnings through the 2030s, according to company filings.
