Gas Turbines

Three OEMs make nearly all heavy-duty gas turbines. Slot reservations stretch years out and set the pace for new firm generation.

Gas supply→Turbine→Plant→Grid

Tightness score ⓘ

#1 of 56

▲ Tightening

Supply concentration5

Lead time5

Capex intensity5

Geopolitical exposure3

Pricing power5

Lead time

36–60 mo

Theme 1M

−12.3%

% in uptrend

Metric to watch

Turbine backlog and slot-reservation commentary at GE Vernova, Siemens Energy and MHI.

What would prove us wrong

Weakens if turbine slot reservations are cancelled or pricing per kW falls.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
GEV GE Vernova	Gas turbines, grid equipment and SMRs	NYSE US	$818.5	+1.27%	−13.0%	−23.0%	+25.5%	−30.3%	2027-01-27
ENR.DE Siemens Energy	Gas turbines and grid technology	XETRA Germany	€132.5	−0.18%	−2.0%	−18.6%	+10.5%	−29.4%	2027-02-11
7011.T Mitsubishi Heavy Industries	Heavy-duty gas turbines	TSE Japan	¥3,155.0	+0.54%	−15.2%	−21.7%	−17.3%	−38.9%	2027-02-03
CAT Caterpillar	Recip gensets and Solar Turbines for onsite power	NYSE US	$605.3	+0.61%	−19.0%	−29.2%	+6.6%	−42.9%	2027-01-28

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