GE Vernova, 고압 전력기기 제조사 Trench Group 인수를 위해 90억 달러 규모의 계약을 체결했다. 가스터빈 수주가 둔화되는 가운데 이뤄진 결정이다.

GE Vernova delivered "strong financial results" in the third quarter despite a slowdown in gas turbine orders and slot reservation agreements, CEO Scott Strazik told investors during a Wednesday earnings call.

The company's companywide order backlog reached $196.7 billion, up from $135.3 billion in the third quarter of 2025. Gas turbine capacity under contract stood at 122 GW, up from 83 GW at the start of 2026. Revenue in the Power segment rose 25% year over year, driven by higher gas turbine pricing.

Total gas turbine gigawatts under contract rose to 122 GW from 116 GW last quarter, an increase of just 6 GW. Earlier in 2026, quarterly increases were in the double digits.

The company expects its companywide order backlog to exceed $200 billion by next quarter and to have at least 130 GW of gas power equipment under contract by year-end.

Strazik said GE Vernova expects solid growth in turbine orders and reservations in 2027, though not at the breakneck pace of 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," he said.

**Trench Group acquisition**

Strazik also touted GE Vernova's planned $9 billion acquisition of Trench Group, a high-voltage grid equipment manufacturer. The parties expect the deal to close in late 2027. According to GE Vernova, Trench Group has more than 800 utility and hyperscaler customers for its bushings, instrument transformers and coils.

The deal includes approximately $5 billion in backlog and framework agreements, some of which extend into the next decade, Strazik said.

The transaction is expected to boost GE Vernova's fast-growing Electrification segment, which makes and markets a range of medium- and high-voltage equipment for utilities, independent power producers, infrastructure owners and heavy power consumers.

Trench already supplies GE Vernova with high-voltage direct-current equipment. The acquisition will allow the larger company to offer "better integrated solutions" while compressing delivery timelines and "enhanc[ing] supply chain certainty for both businesses," Strazik said.

"Lead times across the industry are increasingly important," he said. "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."

Trench's new North Carolina factory will be the first U.S. manufacturer of bushings rated up to 765 kV, "giving us an important capability within our U.S. footprint," Strazik added.

**Strong order volumes and pricing for gas turbine equipment**

GE Vernova expects continued growth in its gas power order book in 2027, Strazik said. The company is now taking reservations for delivery in 2032, amid continued strong demand from a mix of about 80% "traditional customers" and 20% data centers, he added.

A favorable mix of higher-priced equipment and a greater share of aeroderivative turbines in the order book pushed third-quarter pricing more than 20% above fourth-quarter 2025 levels. This kept full-year 2026 order pricing on track to rise 50% over last year, Strazik said.

Per-kilowatt pricing will likely dip next quarter, however, due to fewer aeroderivatives and more 50-hertz units in the sales mix. These units are primarily sold in Europe, Africa and Asia, he added.

In a Wednesday note, analysts at William Blair noted the lower slot reservation agreements and softer per-kilowatt pricing. They said agreements decreased directly due to conversions, and pricing fell due to "expected revenue mix."

"While the reversal in trend was initially concerning, management noted no slot exits," they said. "We believe investors should focus on the pace of new signings … we currently view this [pace] as normalization, not a peak."

Julien Dumoulin-Smith, a senior energy-sector analyst at Jefferies, said Wednesday that the impact of GE Vernova's "soft guidance" for 2027 turbine activity could be blunted if the company continues to deploy cash in transactions like the Trench Group acquisition, which he said is expected to boost its longer-term fortunes.

**Signs of a wind turnaround?**

GE Vernova's struggling Wind segment turned a profit in the third quarter, thanks to a 16% increase in orders. The growth was mostly driven by demand for onshore wind equipment and services in North America.

Offshore wind deliveries also increased in the quarter as GE Vernova nears the finish line on its U.S. offshore wind obligations. In September, the company and the developers of Vineyard Wind 1 announced they had settled a lawsuit that threatened final delivery of the 806-MW installation off the coast of Massachusetts.

Strazik and Kenneth Parks, GE Vernova's chief financial officer, cautioned against reading too much into the quarter's results.

"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," Strazik said. "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."

U.S. wind turbine orders neared 3 GW in the second quarter as developers raced to meet construction-start deadlines to qualify for the federal investment tax credit, according to data from Wood Mackenzie. That credit is now mostly closed to projects that have not begun substantial construction. U.S. wind projects must also be placed in service by the end of 2030 to retain eligibility. Wood Mackenzie expects 39 GW of onshore wind capacity to come online by then.

Still, GE Vernova remains cautious, Parks said.

"We keep saying it's hard to call the inflection in this U.S. market based upon all the dynamics at play, but we will be ready to actually benefit from that based upon all the work that the team is doing today," he said.