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

−12.6%

% 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	$853.5	+4.73%	−10.9%	−9.5%	+30.8%	−27.4%	2026-10-28
ENR.DE Siemens Energy	Gas turbines and grid technology	XETRA Germany	€123.9	+4.38%	−13.1%	−8.4%	+3.3%	−34.0%	2026-11-11
7011.T Mitsubishi Heavy Industries	Heavy-duty gas turbines	TSE Japan	¥3,500.0	−3.15%	−10.6%	−9.8%	−8.3%	−32.2%	2026-11-06
CAT Caterpillar	Recip gensets and Solar Turbines for onsite power	NYSE US	$692.1	+0.74%	−15.8%	−17.7%	+21.6%	−34.9%	2026-10-29

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