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

−14.9%

% 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	$857.9	−3.38%	−13.1%	−14.7%	+31.6%	−26.9%	2027-01-27
ENR.DE Siemens Energy	Gas turbines and grid technology	XETRA Germany	€126.9	−6.87%	−10.9%	−15.9%	+5.9%	−32.4%	2026-11-11
7011.T Mitsubishi Heavy Industries	Heavy-duty gas turbines	TSE Japan	¥3,413.0	−2.46%	−11.1%	−10.0%	−10.5%	−33.9%	2026-11-06
CAT Caterpillar	Recip gensets and Solar Turbines for onsite power	NYSE US	$622.8	−3.81%	−24.5%	−24.8%	+9.6%	−41.3%	2027-01-28

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