Global demand for gas turbines is overwhelming supply, with AI data centers and coal-to-gas switching driving a surge in orders. (Bloomberg)
Only three companies—Siemens Energy, GE Vernova, and Mitsubishi Heavy—control more than 70% of production, and they’re already booking slots years out. Some US utilities are securing turbines for delivery in 2030.
Between the lines: More than $400B in planned gas plants could face delays or cancellation this decade, while costs for new combined-cycle plants have tripled since 2021 to nearly $2,800/kW.