Scott Strazik

Strazik expects more than 55,000 U.S. transmission substations to be completely rebuilt or upgraded to higher voltages within the next decade, a big grid-equipment opportunity.

completely rebuilt or upgraded to higher voltages in the next decade.

Strazik said GE Vernova is still in the early stages of an electricity investment super cycle.

still in the early stages of this electricity investment super cycle.

GE Vernova's CEO said the company has selected contractors and finished planning for Venezuela's grid repairs but will not begin work until it is paid upfront.

This is not an environment in which we are going to act without receiving payment upfront,

Strazik says Trench's high-voltage products, execution and customer ties are key to building the resilient grid needed for the electricity supercycle.

Trench's differentiated high-voltage , strong execution and deep customer relationships are key enablers of the modernised, resilient grid required to keep pace with the electricity supercycle,

Strazik highlights Trench's margin-accretive profile and roughly $5 billion backlog and framework agreements extending into the next decade.

a margin-accretive financial profile and approximately $5 billion in backlog and framework agreements, some of which reach into the next decade

Strazik expects GE Vernova's backlog to top $200 billion in Q4 and targets at least 130 GW of gas equipment under contract by the end of 2026.

Chief Executive Scott Strazik said the company expects the backlog to exceed USD 200 billion in the fourth quarter and aims to exit 2026 with at least 130 gigawatts of gas equipment under contract.

Strazik said the Trench acquisition adds about $5 billion in backlog and framework agreements, some running into the next decade.

Trench brings approximately USD 5 billion in backlog and framework agreements, some extending into the next decade, according to Strazik.

Strazik said GE Vernova expects real growth in gigawatts on contract through 2027, though quarterly order cadence will look more like 3Q/4Q 2026 than 1H 2026, while backlog keeps growing materially.

As we look into 2027, although it's hard to call the quarters, per se, at this point, we certainly continue to see real growth in our gigawatts on contract throughout 2027, but that maybe the quarterly profiles in 2027 are more likely to feel like 3Q and 4Q than they may have felt in 1Q and 2Q, but with an ability for us to materially continue to grow both our backlog and our gigawatts on contract throughout next year.

Strazik said Q4 gas equipment orders should have a lower price per kilowatt than Q3 because of fewer aeroderivatives and more 50 Hz units.

due to fewer aeroderivatives and relatively more 50 Hertz units.

Strazik said GE Vernova has largely completed its $10 billion buyback at about $635 per share, calling the returns excellent.

After investing $1.6 billion of the buyback in 3Q and over $1.3 billion in October, we have largely completed our $10 billion authorization with excellent returns, having acquired 15.6 million shares at an average price of approximately $635.

Strazik expects gas turbine gigawatts under contract to keep growing in 2027, but at a calmer quarterly pace than the first half of 2026.

We certainly continue to see real growth in our gigawatts on contract throughout 2027, but that maybe the quarterly profiles in 2027 are more likely to feel like 3Q and 4Q” of 2026 than like the first half of the year, which saw aggressive growth

Strazik says acquiring Trench will improve production visibility and align component supply with customer project schedules as lead times grow more critical.

Lead times across the industry are increasingly important. By bringing Trench's manufacturing footprint and capabilities inside Vernova, we expect greater visibility into production planning and improved ability to align this component supply with our customers' project schedules.

Strazik cautions that the wind order growth comes off a very small base and wants to see how the U.S. market evolves before deciding on investment in the business.

We expect to continue to perform very well in the North America onshore wind market, but it's a very small market right now. And although our orders grew year-over-year, that's off of a very small base. I'd like to see where the U.S. market goes over the next year and continue to evaluate how we invest in this business for value and/or continue to evaluate how we create value in this business.

Strazik projects the global high-voltage equipment market in which Trench operates will reach $130 billion by the end of the decade, supporting the $9 billion acquisition.

GE Vernova CEO Scott Strazik said the company projects the global high-voltage market that Trench works in to be worth $130 billion by the end of the decade.

Strazik says data centers' large electricity loads are driving growing demand for more efficient high-voltage equipment.

Data centers require large electricity loads, driving the increasing need for more efficient high-voltage equipment,

Strazik argues electrification alone will not meet rising power demand and cannot replace the need for more generation.

It's a contributor, but it's not going to replace the need for more power generation,

Strazik says gas turbine pricing is up over 20% versus Q4 2025 and full-year 2026 pricing per kW should be about 50% above 2025.

Strazik said Q3 gas equipment orders were priced more than 20% above Q4 2025 levels, and that full-year 2026 gas pricing per kilowatt is expected to be about 50% above 2025.

Strazik says GE Vernova landed its first medium-voltage UPS order from a hyperscaler and a 6 MW solid-state transformer award.

Strazik said GE Vernova signed its first medium-voltage UPS order with a hyperscaler during the quarter, and received a hyperscaler award for a 6 MW outdoor solid-state transformer, with contracting expected to advance in Q4.

Strazik says GE Vernova's internal automation and AI investments have strong use cases that will expand margins over the medium term.

We have investments in automation and AI with strong use cases that will expand margins over the medium term,

Strazik said the Trench acquisition positions GE Vernova to capture a global high-voltage market expected to reach $130 billion by 2030.

CEO Scott Strazik said on a post-earnings call that the acquisition would help GE Vernova capitalize on a global high-voltage market expected to reach $130 billion by the end of the decade.

Strazik said bringing Trench's manufacturing in-house will give GE Vernova better production visibility and align component supply with customer project timelines.

We expect greater visibility into production planning and improved ability to align this component supply with our customers’ project schedules.

Strazik said GE Vernova will keep seeking acquisitions within its core businesses that give its teams more control over supply.

We’ll keep looking, right? We’re always going to be looking for opportunities to invest in businesses that are within our core that give our teams more control to meet this moment.

Strazik expects 2026 gas equipment order pricing per kilowatt to be about 50% above 2025 levels.

GE Vernova CEO Scott Strazik expects full-year 2026 gas equipment order pricing per kilowatt to be about 50% above 2025 levels.

Strazik said strong demand is leading customers to reserve turbines for ever more distant delivery dates, with slots sold into 2032.

Strazik said strong demand was prompting customers to reserve turbines for increasingly distant delivery dates.

Strazik cautioned that product mix shifts could lower fourth-quarter pricing per kilowatt, without implying weaker demand.

Strazik cautioned that changes in product mix can affect quarterly pricing comparisons. Strazik said a shift in product mix could reduce pricing per kilowatt in the fourth quarter.

Strazik said about 80% of customers are traditional and 20% are data-center related, showing demand extends beyond AI.

Strazik put the customer mix at about 80% traditional customers and 20% customers connected to data centers.

Strazik says gas turbine backlog now exceeds slot reservations and slots are being sold out to 2032, underscoring durable demand.

As expected, we've reached an important inflection point where backlog is now greater than our SRA balance, further reinforcing the certainty that we will ship more gigawatts through the rest of the decade. This quarter, we sold multiple slots for '32 delivery as the demand environment remains strong and customers secure turbines further into the future.

Strazik says H2 2026 power margins from higher-priced shipments are a sound jump-off point for 2027.

Certainly, the second half of this year is the beginning of us starting to ship our better-priced equipment shipments. So -- and yes, it started with orders in the second half of '24, but there are orders that were shorter cycle than that, that are contributing to the 3Q, 4Q shipment profile that's helping. But there's no reason to think that the second half of this year isn't the right way to start to think about our projection into '27.

Strazik says 2026 gas order pricing is about 50% higher than 2025 and the installed base will drive high-margin services.

Full year '26 gas orders pricing per KW will be approximately 50% higher than full year '25 orders. Our large and growing installed base will generate services growth at higher margins for years to come, increasing in the 30s as these units are installed.

Strazik expects each gigawatt of HA turbines to generate $0.5 billion of high-margin services revenue over 20 years.

And as I mentioned at a recent conference, we expect every gigawatt of HAs to generate $0.5 billion of high-margin services revenue over the first 20 years of its lifetime.

Strazik argues grid losses, data centers and rising loads will drive long-term high-voltage upgrades, a market he sizes at $130 billion by 2030.

Today's grid loses as much as 8% from power generation to end use and the upgrade of the grid to higher voltages dramatically reduces energy losses, making the whole grid more economical. In addition, as the existing grid takes on more load with increased building electrification, manufacturing growth, heat pumps and EVs, grid reinforcements to higher voltages will be required.

Strazik says the $9 billion Trench acquisition secures critical high-voltage components and supply chain certainty.

Vertically integrating Trench will also give us greater capacity and certainty across a key part of the supply chain, strengthening our ability to deliver for customers.

Strazik says grid electrification equipment complements but cannot replace the need for new power generation.

I don't know if electrification in isolation us or any other provider can provide enough of an unlock for what we're seeing for the need for incremental electricity in the country and in the world today. It's a contributor, but it's not going to replace the need for more power generation that gets added to the system. It's a complement is the way that I would say it.

Strazik cautions that offshore execution continues another year and the U.S. onshore wind market is small, so Wind strategic options remain open.

we've got one more year to go in the offshore execution in the North Sea, which is a variable to kind of answer the question as you're framing with our optionality as I see it. And I think it's important for us to see where the U.S. market goes because practically speaking, we have historically been about 50% of the North America onshore wind market. We expect to continue to perform very well in the North America onshore wind market, but it's a very small market right now.

Strazik says the electricity investment supercycle is still in its early stages.

We are still in the early stages of this electricity investment super cycle, and we are working with humility, confidence and conviction to deliver for all stakeholders.

Strazik says a growing services mix will keep lifting margins as both equipment and services pricing improve.

The services growing as a proportion of the equipment would continue to be accretive to margins because as much as the equipment margins are improving, and you can see that in really the beginning of this journey with our first quarter now of the better-priced equipment shipments, we also are pricing up the services book and the margins will continue to expand there

Strazik says global demand for electricity infrastructure is rising, and expects backlog above $200B in Q4 with better margins and at least 130 GW of gas equipment under contract by year-end.

We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130 GW of gas equipment under contract.

Strazik says GE Vernova is developing new solutions, including electrification technologies, for utility and data center customers, and that its value creation opportunity is accelerating.

We continue to innovate and develop new solutions for utility and data center customers to meet growing demand, including electrification technologies that support integration and resiliency. Our opportunity to create value is accelerating and I’m proud of how our team is executing with discipline and focus.

Strazik says Trench's high-voltage technology and customer relationships are key enablers of the modern, resilient grid needed for the electricity supercycle.

"Trench's differentiated high-voltage grid technology, strong execution, and deep customer relationships are key enablers of the modernized, resilient grid required to keep pace with the electricity supercycle," said GE Vernova CEO Scott Strazik.

Strazik says GE Vernova is investing in Electrification to capture extraordinary growth, with the Trench deal strengthening its ability to serve global customers.

We are investing in our Electrification segment to meet the extraordinary growth opportunity in front of us, and our acquisition of Trench will further strengthen our ability to serve global customers with outstanding technology we know well.

Strazik said GE Vernova is on pace to reach its $200 billion backlog target in 2027, a year earlier than planned.

In December 2025, management projected the backlog would reach approximately $200 billion by the end of 2028, but CEO Scott Strazik said on the second-quarter earnings call that the company was on pace to hit that milestone a full year early, in 2027.

Strazik said the Prolec GE acquisition offers more opportunity within the existing footprint than he anticipated before closing.

even more opportunity to fulfill within the existing footprint than I anticipated prior to close.

Strazik expects 2028 financials from the Prolec deal to be materially better than the incremental revenue and margin projected when it was announced.

to be materially better than the incremental revenue and margin than we projected in October

Strazik says GE Vernova is doubling down on recruiting top talent through its MIT partnership to build the next generation of energy engineers and leaders.

Among the students on campuses today are the engineers, innovators and future leaders who will define the next era of energy, and our job is to give more of them the opportunity to join us, grow with us, and change the world. MIT is one of our most important partners in that effort, and what we're building together isn't incremental – we are doubling down.

Strazik told a Morgan Stanley conference that the Electrification backlog has grown to $45 billion from $6 billion at the end of 2021.

GE Vernova’s Electrification backlog has grown to $45 billion, up from just $6 billion at the end of 2021.