Gas-turbine backlog confirms power as a real near-term constraint, not a permanent one GE Vernova's remaining performance obligations hit $150B at end-2025—up 26% year-over-year—and Caterpillar's Power & Energy backlog jumped ~$11.5B in a single quarter, making the order pile the clearest financial signal of today's generation crunch. The relief valve is already in view: multiple sources peg the shortage easing in 2027–28 as new capacity comes online. For teams planning GPU cluster deployments now, the window of tightest power constraint is roughly 12–18 months, and permitting risk is a bigger variable than turbine physics.