Venture Global Signs Power Equipment Agreements Worth Up to $17.2 Billion
Key Facts
Venture Global has entered into framework agreements to supply power generation and grid equipment under which amounts payable could reach about $17.2 billion if all purchase orders are executed, according to the company's filing with the U.S. Securities and Exchange Commission. That amount includes reservation fees and remains subject to adjustment, according to the filing. Its subsidiary Venture Global LNG signed the generation agreement with GE Vernova and Baker Hughes on 9 October 2026, and the agreements were announced on 15 October. The expansion framework covers up to 16 standalone power generation units, each with a capacity of 720 megawatts, along with associated transformer equipment. The agreements allow the company to expand its off-grid generation network to support its operations and a potential expansion into serving data centers.
Venture Global said it expects to be able to develop up to 10 gigawatts of computing capacity by the end of 2034. It made the expansion contingent on customer commitments, demand and appropriate commercial considerations. For equipment reservations, the company has entered into a definitive reservation agreement with GE Vernova covering 8 of the 15 units remaining after the first unit, according to the regulatory filing. Apart from reservation fees and reservations already specified, binding commitments to purchase or supply generation units require additional definitive reservation agreements or purchase orders. A separate agreement with GE Grid Solutions covers the supply of transformers and gas-insulated switchgear to support up to 21 generation unit projects.
The generation equipment covered by the framework includes gas turbines, according to Baker Hughes' statement on the expanded partnership. The scope of supply also includes steam turbines and related equipment and services to operate the units. Baker Hughes will provide the control technologies needed to operate the generation units, along with electrical integration technologies. Its contribution includes electrical equipment buildings and electrical control systems used to operate the units. Lorenzo Simonelli, the company's chairman and chief executive, said that "behind-the-meter power generation has become essential to LNG operations, as well as to powering the AI economy."
The proposed expansion builds on a modular gas-fired generation platform with a capacity of about 4.5 gigawatts, according to Venture Global. The platform supplies, or is intended to supply, the company's facilities independently of the public electricity grid. The company said developing potential generation capacity for third parties would be a separate business complementary to its LNG operations. It stressed that this development "will not affect the company's LNG sales agreements." It added that the proposed expansion would place no additional demand on the public electricity grid or public water utilities.
The agreements come as the U.S. Energy Information Administration expects electricity demand in the commercial sector, which includes data centers, to rise 2.8% year on year in 2027. The agency said in its October energy outlook that demand in the sector would continue to grow steadily throughout the year. Across the United States, electricity demand grew by about 1.7% annually between 2020 and 2025, according to an analysis the agency published in March 2026. The agency measured that growth using net energy required to meet electricity loads. In an industry precedent for supplying power to data centers, GE Vernova presented its partnership with Chevron as targeting 4 gigawatts of electricity by 2027.
Venture Global plans to report third-quarter results before the market opens on Tuesday, 10 November 2026, according to the company's earnings date announcement. It expects to issue a purchase order for the first generation unit by the end of 2026, according to Baker Hughes' statement. Additional purchase orders are expected to begin in 2027 as part of the framework agreement's implementation. Equipment deliveries envisaged under the agreement run from 2028 to 2034. Investing cited Venture Global as saying power generation for the project could become available from late 2028 or early 2029, as a potential availability timeframe.