美国缺电，全球燃气轮机告急

Core Insights - The construction boom of artificial intelligence data centers in the U.S. has led to an electricity shortage, prompting tech giants and utility companies to expand power supply, with natural gas seen as the best solution [2][6] - Goldman Sachs indicated that natural gas will benefit from the growing electricity demand and the need for continuous supply in the U.S., being the most flexible energy source with abundant reserves [2][6] Industry Overview - A supply chain crisis in the manufacturing of gas turbines is identified as a significant bottleneck in meeting the electricity demands of data centers [2][8] - The preparation period for new gas power plants in the U.S. is projected to increase from 3.5 years in 2023 to 5 years by 2025, with costs rising by 49% [8] Capacity Growth - As of January 2026, the installed gas power generation capacity under construction in the U.S. exceeds 29 GW, more than doubling within a year, while planned capacity has quadrupled to over 159 GW [3][8] - Many projects may face delays in starting due to a lack of available gas turbines [4][8] Manufacturer Insights - GE Vernova reported an 80% increase in gas turbine contracts for 2025, but most high-profit orders signed in the past two years will not be delivered until after 2027 [4][8] - Siemens Energy also noted unprecedented demand for gas turbines and grid infrastructure in the U.S., leading to record order volumes, with nearly 200 units sold in one year compared to just one two years ago [4][8] International Dynamics - Chinese companies are rapidly expanding in this market, with Yantai Jereh receiving four gas turbine orders from U.S. data center developers totaling approximately $500 million [9] - Analysts suggest that as major turbine manufacturers focus on the booming U.S. market, equipment bottlenecks in other countries may worsen, prompting developers to seek alternative energy solutions [9] - In Europe and Asia, which rely on imported natural gas, there is a higher likelihood of shifting towards non-gas solutions, such as accelerating the adoption of renewable energy [5][9]