UBS-Midstream Natural Gas Implications on Nat Gas Demand from GE Vernova Outlook Oradle Capex-20251215

GEV Provides Bullish Targets

Recently, GEV released their 2026 financial guidance and updated their multi-yearoutlook, providing bullish new targets. The company signed 18 GW of gas turbinecontracts QTD, expecting to reach 80 GW of combined slot reservation agreements andgas power equipment backlog by year-end (previously 62 GW). GEV expects its run rateof gas turbine deliveries to reach 20 GW annualized output by 3Q26, increasing to ~24GW in 2028 (previously expected 20 GW in 2027 and 2028). Furthermore, GEVhighlighted they will double their baseload power installed base of gas turbines from~200 GW today to ~400 GW by 2030. GEV also noted a large and growing equipmentand services backlog of ~$200Bn by year-end 2028 (previously ~$135Bn), whichincludes the doubling of the company's Electrification backlog to $60Bn from $30Bn.According to UBS electrical equipment analyst Amit Mehrotra, since GEV has a trackrecord of overdelivering on targets, he views the projections positively for whatultimately could be delivered vs expectations.