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GE Vernova CEO Scott Strazik says company generates 25% of world's electricity amid rising power demand
Thursday, March 26, 2026 at 07:00 PM
GE Vernova CEO Scott Strazik highlighted the company's significant role in global electricity production, noting that their equipment generates approximately 25% of the world's power daily. He emphasized the growing demand for electricity and the company's position to meet these infrastructure needs following its spin-off from General Electric.
Context
At the Bank of America Global Industrials Conference on March 18, 2026, GE Vernova CEO Scott Strazik highlighted the company's dominant role in the global energy transition, stating: "We generate about 25% of the world's electricity every day with our equipment through our customers." This milestone comes nearly two years after the company’s April 2024 spin-off from General Electric, occurring amid a massive investment supercycle driven by the "AI power surge."
The company is capitalizing on a historic backlog reaching $150 billion at the start of 2026, fueled by a 25% increase in orders during the prior year. Demand is particularly acute in the Electrification and Gas Power segments as data center operators secure long-lead equipment to power artificial intelligence. GE Vernova projects that hyperscale data centers, which accounted for 10% of orders in 2024, will grow to represent 25% of the company's total order book throughout 2026.
To meet this demand, the company is expanding its technical capabilities, recently launching GridOS for Distribution in February 2026 and closing the acquisition of Prolec GE. These moves support a long-term financial trajectory targeting $52 billion in revenue and 20% EBITDA margins by 2028, as the global energy mix shifts toward a projected 50% increase in electricity's share of total energy by 2050.
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