Bernstein 42nd Annual Strategic Decisions Conference 2026
Framed GE Vernova as an installed-base business rather than an equipment cycle: 7,000 gas turbines, 59,000 wind turbines and 60 nuclear plants already generate about 25% of the world's electricity and roughly half of America's, carrying an $87 billion services backlog he expects to produce about $20 billion of services revenue by 2027. The $76 billion equipment backlog has grown 80% since the April 2024 spin, and he argued the 100 GW of gas on contract is mostly baseload against an installed base where only 200 of 720 GW runs baseload today - a figure he projects doubling to at least 400 GW by the middle of the next decade.
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