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Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"ge-vernova","slot":"importance","since":"2026-10-22"},{"entityId":"siemens-energy","slot":"importance","since":"2026-10-22"},{"entityId":"bloom","slot":"importance","since":"2026-10-22"},{"entityId":"mitsubishi-heavy","slot":"importance","since":"2026-10-22"},{"entityId":"caterpillar","slot":"importance","since":"2026-10-22"},{"entityId":"cummins","slot":"importance","since":"2026-10-22"},{"entityId":"innio","slot":"importance","since":"2026-10-22"},{"entityId":"rolls-royce-power-systems","slot":"importance","since":"2026-10-22"},{"entityId":"rehlko","slot":"importance","since":"2026-10-22"},{"entityId":"dongfang-electric","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"energy-power-equipment","layer":"energy","sublayer":"power-equipment","version":1,"scope":"Generating equipment whose output serves data-centre load: gas turbines, both in utility-scale plants ordered for data-centre demand and on site; reciprocating engines, generator sets and gas turbines under 10 MW for backup and on-site power; and fuel cells. Wind turbines, solar modules, grid and on-site battery storage and nuclear reactor equipment are outside this sublayer; UPS systems and batteries inside the data centre are Infrastructure · Power and cooling, and running the plants is Generation.","outputMeasure":"Generating equipment for data-centre load, by value.","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","hardToReplace":"Three makers build most large gas turbines, and Siemens Energy says its capacity is sold out until 2028; other equipment has more suppliers.","functions":[{"id":"gas-turbines","name":"Gas turbines","why":"About a quarter of Siemens Energy's 2025 turbine orders were for data centres; an estimated $10bn worldwide.","weight":{"low":0.3392,"central":0.4899,"high":0.8092},"weightSource":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 3: global gas capacity additions 85 GW in FY25, a Siemens Energy estimate incl. combined-cycle steam turbines (IEA WEO 2025 and internal assessment); slide 4: FY25 orders by market, data centre segment about 24.5% (read from chart; McCoy, GTs >10 MW without oil and gas); slide 5: new-unit backlog '~€30 bn revenue potential (~€400 m/GW)'"},"shareData":"Turbines over 10 MW for power, excluding oil and gas (MW ordered)"},{"id":"engines-gensets","name":"Engines and generator sets","why":"Backup and on-site sets, an estimated $9.1bn.","weight":{"low":0.166,"central":0.4463,"high":0.6105},"weightSource":{"url":"https://www.grandviewresearch.com/industry-analysis/data-center-generators-market","title":"Data Center Generator Market Size, Share & Trends Analysis Report","publisher":"Grand View 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Vernova (Gas Power)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":31,"central":31,"high":31,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries (McCoy Power Reports data)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 6, 'Demand for Gas Turbines Used in Power Generation (GW)': CY25 = 96.1 (CY24 = 56.2), marked 'Courtesy McCoy Power Reports'"},"note":"Derived: GE Vernova 29.8 GW of gas turbine orders in 2025 (Form 10-K, Item 7, Power orders table, T1, https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm; includes 63 aeroderivative units) divided by 96.1 GW worldwide power-generation gas turbine orders in CY2025 (McCoy via MHI slide 6, T4) = 31.0%. The tier is the lower of the two (T4). Conflict: Siemens Energy says it was number 1 by McCoy share in its FY2025 (to Sep 2025); the three leaders sum to 74.7%. If the true total is above 100 GW (Dora Partners) the share is about 30% at 100 GW."},"engines-gensets":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7 Power orders table: gas turbines only (heavy-duty and aeroderivative), plus steam, hydro and nuclear lines; no engine generator sets"}},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1 and Item 7, Power segment: no fuel cell product line"}}},"priorShares":{"gas-turbines":{"low":35.9,"central":35.9,"high":35.9,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries (McCoy Power Reports data)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 6, 'Demand for Gas Turbines Used in Power Generation (GW)': CY24 = 56.2 (CY25 = 96.1), marked 'Courtesy McCoy Power Reports'"},"note":"Derived: GE Vernova 20.2 GW of gas turbine orders in 2024 (Form 10-K 2025, Item 7, Power orders table, 2024 column, T1, https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm; includes 44 aeroderivative units) divided by 56.2 GW worldwide power-generation gas turbine orders in CY2024 (McCoy via MHI slide 6, T4) = 35.9%. The tier is the lower of the two (T4). Same sources and method as the CY2025 share."}},"activityGrowth":{"current":{"low":29.8,"central":29.8,"high":29.8,"unit":"GW","basis":"Gas turbine orders in gigawatts, calendar year (heavy-duty and aeroderivative, all customers)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Power, Orders in units table: Gas Turbine Gigawatts 29.8 (2025), 20.2 (2024), 9.5 (2023)"},"note":"173 gas turbines in 2025 (110 heavy-duty, of which 43 HA, plus 63 aeroderivative). All gas turbine orders, not only data-centre orders; GE Vernova does not split orders by end market in the 10-K."},"prior":{"low":20.2,"central":20.2,"high":20.2,"unit":"GW","basis":"Gas turbine orders in gigawatts, calendar year (heavy-duty and aeroderivative, all customers)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Power, Orders in units table, 2024 column: Gas Turbine Gigawatts 20.2 (112 units)"}}},"committedExpansion":{"low":4.775,"central":4.775,"high":4.775,"unit":"ratio","basis":"Power segment remaining performance obligations (equipment and services) at 31 December 2025 ÷ Power segment revenue in 2025","period":"RPO at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Power: 'Total RPO $94,387' million at 31 Dec 2025; segment revenues table: Power total $19,767 million in 2025"},"note":"RPO $94,387m ÷ segment revenue $19,767m = 4.775. The Power segment also holds steam, hydro and nuclear; Gas Power alone is not split out for RPO (equipment RPO $24,707m, services $69,680m). Cross-check from the company's own release (28 Jan 2026, T2, https://gevernova.com/news/press-releases/ge-vernova-reports-fourth-quarter-full-year-2025-financial-results): 'Gas Power equipment backlog and slot reservation agreements grew from 62 to 83 GW', against 15.3 GW of gas turbines shipped in 2025 (10-K) = 5.4. Slot reservations are not firm orders and are left out of the RPO ratio used here."},"baselineRevenueUsd":{"low":16006000000,"central":16006000000,"high":16006000000,"unit":"USD","basis":"Gas Power segment revenue, calendar year 2025, US dollars (equipment and services)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000015/gev-20251231.htm","title":"GE Vernova Form 10-K for fiscal year 2025","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, segment revenues table: Gas Power $16,006 million (2025), $14,465 million (2024)"},"note":"Reported in US dollars; no conversion. Includes services (equipment and services are not split for Gas Power in the table opened)."},"screening":{"gas-turbines":{"levelLow":3,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2d668262e19f87a424f74ecdfd0d2271aece8c8b384bfe6944d222a5bbc5d179"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2d668262e19f87a424f74ecdfd0d2271aece8c8b384bfe6944d222a5bbc5d179"}}},"siemens-energy":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"siemens-energy","name":"Siemens Energy (Gas Services)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":27.1,"central":27.1,"high":27.1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"FY2025 (Oct 2024 to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries (McCoy Power Reports data)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 6, 'Demand for Gas Turbines Used in Power Generation (GW)': CY25 = 96.1 (CY24 = 56.2), marked 'Courtesy McCoy Power Reports'"},"note":"Derived: Siemens Energy FY2025 gas turbine orders 26 GW across 194 units (Capital Markets Day 2025, slide 4, T2, https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf) divided by 96.1 GW worldwide CY2025 orders (McCoy via MHI, T4) = 27.1%. Tier is the lower of the two (T4). The company says it was number 1 in FY25 market share (McCoy, GTs >10 MW excluding oil and gas). Its fiscal year ends 30 Sep 2025, so the engine treats the observation as stale. Conflict: POWER (1 Sep 2026, https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/, T3) reports a 42% share of the over-100 MW market in a quarter it does not specify, outside this period. Full pass: the 26 GW counts all Siemens Energy gas turbine orders in its fiscal year, including floating production (FPSO, oil and gas) units shown on the slide, which McCoy's share excluding oil and gas leaves out, so the share may be slightly overstated; the period (Oct 2024 to Sep 2025) also overlaps the CY2025 denominator by nine months."},"engines-gensets":{"low":0.02,"central":0.3,"high":1.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 4: orders by frames, # GT units and GW: FY24 100 units / 16 GW, FY25 194 units / 26 GW, secured >200 units / 36 GW; '#1 in FY25 market share' (McCoy, GTs >10 MW without oil and gas). Slide 8: small gas turbines up to 20 MW, aero up to 65 MW"},"note":"Estimate (T5): Siemens Energy sells small gas turbines up to 20 MW (SGT-100/200/300 class under 10 MW count in this part) but no reciprocating sets; no figure for small-turbine data-centre orders was found, so the share is bounded well under 2%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share unchanged from screening: no better evidence found in the full pass."},"fuel-cells":{"participates":false,"evidence":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 8 product portfolio: aero, small, medium and large gas turbines, steam turbines and nuclear steam; no fuel cells"}}},"priorShares":{"gas-turbines":{"low":28.5,"central":28.5,"high":28.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"FY2024 (Oct 2023 to Sep 2024)","periodEnd":"2024-09-30","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries (McCoy Power Reports data)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 6: CY24 = 56.2 GW (McCoy)"},"note":"Derived: Siemens Energy FY2024 gas turbine orders 16 GW across 100 units (Capital Markets Day 2025, slide 4, T2, https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf) divided by 56.2 GW worldwide CY2024 orders (McCoy via MHI, T4) = 28.5%. The tier is the lower of the two (T4). Fiscal year to September against a calendar-year total, as for the current share; same method both years."},"engines-gensets":{"low":0.02,"central":0.3,"high":1.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 8: portfolio range, small gas turbines up to 20 MW; slide 4: orders by frame"},"note":"Estimate (T5): no 2024 figure for small-turbine data-centre orders found; held at the CY2025 estimate so that the share-change component rests on the gas turbine part. The part's weight is 0.446, so the assumption moves Reach by under 0.7 points at most (0.3% to 1.5% of the part)."}},"activityGrowth":{"current":{"low":26,"central":26,"high":26,"unit":"GW","basis":"Gas turbine orders in gigawatts, Siemens Energy fiscal year (October to September; all gas turbine markets on the slide)","period":"FY2025 (Oct 2024 to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 4, 'Orders by frames # GT units, GW': FY25 = 194 units, 26 GW (FY24 = 100 units, 16 GW; secured, not yet booked, >200 units, 36 GW)"},"note":"The company says it roughly doubled the number of gas turbines sold in a year (about 200). The GW figures are rounded in the source. Cross-check in euros: Gas Services orders EUR 22,996m in FY2025 against EUR 16,365m in FY2024 (Annual Report 2025, T1, https://assets.siemens-energy.com/dam/32b27e9a-af91-4915-8b51-b3af012d0d98/A-Siemens_Energy_Annual_Report_2025-pdf_Original%20file.pdf)."},"prior":{"low":16,"central":16,"high":16,"unit":"GW","basis":"Gas turbine orders in gigawatts, Siemens Energy fiscal year (October to September; all gas turbine markets on the slide)","period":"FY2024 (Oct 2023 to Sep 2024)","periodEnd":"2024-09-30","source":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 4, 'Orders by frames # GT units, GW': FY24 = 100 units, 16 GW"}}},"committedExpansion":{"low":4.427,"central":4.427,"high":4.427,"unit":"ratio","basis":"Gas Services order backlog (equipment and services) at 30 September 2025 ÷ Gas Services revenue in fiscal 2025","period":"Backlog at 30 Sep 2025","periodEnd":"2025-09-30","source":{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 5: 'Total EUR 54 bn backlog (+EUR 9 bn vs. FY24)'; new units about 40%, services about 60%; about 78 GW new-unit backlog"},"note":"EUR 54bn backlog (Capital Markets Day slide 5, T2) ÷ EUR 12,198m Gas Services revenue FY2025 (Annual Report 2025, orders and revenue by Business Area table, T1) = 4.43. The tier is the lower of the two (T2). The company also says about 78 GW of new-unit backlog, counting orders booked in FY24 and FY25 plus secured orders it expects to book within 12 months; that is not used because part of it is not yet contracted."},"baselineRevenueUsd":{"low":13486100000,"central":13486100000,"high":13486100000,"unit":"USD","basis":"Gas Services revenue, fiscal year 2025 (October 2024 to September 2025), US dollars (equipment and services)","period":"FY2025 (Oct 2024 to Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://assets.siemens-energy.com/dam/32b27e9a-af91-4915-8b51-b3af012d0d98/A-Siemens_Energy_Annual_Report_2025-pdf_Original%20file.pdf","title":"Siemens Energy Annual Report 2025","publisher":"Siemens Energy","publishedDate":"2025-12","accessedDate":"2026-10-22","tier":"T1","locator":"Orders and revenue by Business Area table: Gas Services revenue EUR 12,198m (FY2024: EUR 10,796m)"},"note":"Converted at USD 1.1056 per euro, the average EUR-USD rate for fiscal 2025 stated in the Annual Report 2025 (remuneration report note): EUR 12,198m x 1.1056 = USD 13,486m. Includes services (about 60% of the backlog)."},"screening":{"gas-turbines":{"levelLow":3,"levelHigh":5},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6e44b171e72cc277e1b2e1e09976a4ee4aadc515e3a43d93e247b0e4641e2208"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6e44b171e72cc277e1b2e1e09976a4ee4aadc515e3a43d93e247b0e4641e2208"}}},"bloom":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"bloom","name":"Bloom Energy","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","title":"Bloom Energy Form 10-K for fiscal year 2025","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Energy Server systems use solid oxide fuel cells; no turbines"}},"engines-gensets":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","title":"Bloom Energy Form 10-K for fiscal year 2025","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: fuel cell Energy Servers; no engine generator sets"}},"fuel-cells":{"low":70,"central":90,"high":100,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bloomenergy.com/news/bloom-energy-reports-fourth-quarter-and-full-year-2025-financial-results-with-record-full-year-revenues/","title":"Bloom Energy Reports Fourth Quarter and Full Year 2025 Financial Results with Record Full Year Revenues","publisher":"Bloom Energy","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue 'driven by significant growth from the AI data center industry'; total backlog ~$20bn, product backlog ~$6bn (up ~2.5x); no data-centre share or MW disclosed"},"note":"Estimate (T5): no source gives fuel-cell MW ordered for data centres by company. Bloom's 2025 product and installation revenue was USD 1,735.3m, up 44% (10-K), 'driven by significant growth from the AI data center industry', and its factory runs at 1 GW a year, to be doubled to 2 GW by end-2026 (10-K, Item 1); current product backlog is about USD 6bn, 2.5 times a year earlier (8-K exhibit 99.1). No other fuel-cell maker has a dated data-centre order in the pages opened (FuelCell Energy markets 12.5 MW blocks, Doosan Fuel Cell and Weichai show none, SK ecoplant resells Bloom systems and is counted at Bloom), so Bloom holds almost all of the part: central 90%, range 70% to 100% (T5; unchanged from screening). Nothing was found on Bloom's 2024 share, so there is no prior share."}},"activityGrowth":{"current":{"low":1735349000,"central":1735349000,"high":1735349000,"unit":"USD","basis":"Product plus installation revenue (Energy Server equipment; AI data centre and commercial customers), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","title":"Bloom Energy Form 10-K for fiscal year 2025","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue disaggregation table in the notes to the consolidated financial statements: product revenue $1,531,281 thousand + installation revenue $204,068 thousand in 2025"},"note":"Equipment revenue only (service and electricity revenue excluded). Includes commercial and industrial customers; the company does not split data-centre revenue. Revenue from related parties, which include the Brookfield joint ventures, was USD 892.0m in 2025 against USD 338.6m in 2024."},"prior":{"low":1207471000,"central":1207471000,"high":1207471000,"unit":"USD","basis":"Product plus installation revenue (Energy Server equipment; AI data centre and commercial customers), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","title":"Bloom Energy Form 10-K for fiscal year 2025","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue disaggregation table in the notes to the consolidated financial statements: product revenue $1,085,153 thousand + installation revenue $122,318 thousand in 2024"}}},"committedExpansion":{"low":3.92,"central":3.92,"high":3.92,"unit":"ratio","basis":"Current product backlog at 31 December 2025 ÷ product revenue in 2025","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026005798/ex991_q42025financialresul.htm","title":"Bloom Energy fourth quarter and full year 2025 financial results (Form 8-K exhibit 99.1)","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"'Total current backlog of ~$20 billion; current product backlog of ~$6 billion, up ~2.5x YoY'"},"note":"About USD 6bn (company figure, approximate) ÷ USD 1,531.3m product revenue in 2025 (10-K) = 3.92. Product backlog is revenue from existing contractual commitments for Energy Servers; the ~USD 20bn total includes long-dated service contracts and is not used. The 10-K also reports unsatisfied performance obligations of USD 394.4m."},"baselineRevenueUsd":{"low":1735349000,"central":1735349000,"high":1735349000,"unit":"USD","basis":"Product plus installation revenue (Energy Server equipment), calendar year 2025, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","title":"Bloom Energy Form 10-K for fiscal year 2025","publisher":"Bloom Energy / U.S. SEC","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue disaggregation table in the notes to the consolidated financial statements: product $1,531,281 thousand + installation $204,068 thousand"},"note":"Reported in US dollars. Total revenue was USD 2,024.0m including service and electricity revenue."},"screening":{"fuel-cells":{"levelLow":3,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4bad76f9f9c40b620576315068274075d76bf06d931faf647248917cf6db45f1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4bad76f9f9c40b620576315068274075d76bf06d931faf647248917cf6db45f1"}}},"mitsubishi-heavy":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"mitsubishi-heavy","name":"Mitsubishi Heavy Industries (Mitsubishi Power, engines)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":16.6,"central":16.6,"high":16.6,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"FY2025 (Apr 2025 to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries (McCoy Power Reports data)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 6, 'Demand for Gas Turbines Used in Power Generation (GW)': CY25 = 96.1 (CY24 = 56.2), marked 'Courtesy McCoy Power Reports'"},"note":"Derived: MHI booked 35 large-frame gas turbines (16 GW) in FY2025 (Apr 2025 to Mar 2026; FY2025 results deck slide 31, T2) divided by 96.1 GW worldwide CY2025 orders (McCoy via MHI slide 6, T4) = 16.6%. Tier is the lower of the two (T4). Large frame only (over 100 MW); the aeroderivative (FT8) orders of the consolidated Mitsubishi Power Aero are not in the 16 GW, and the 13 units ordered through its China licensee (Dongfang Electric, per Global Energy Monitor) are listed separately under Dongfang Electric. The fiscal year overlaps CY2025 by nine months."},"engines-gensets":{"low":0.5,"central":2,"high":5,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-generators-companies.asp","title":"Cummins (US) and Caterpillar (US) are the leading key players in the Data Centers Generators Market","publisher":"MarketsandMarkets","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market ranking order: Caterpillar, Cummins, Rolls-Royce, Rehlko, Mitsubishi; no shares or revenues given; 2026 market USD 8.57bn"},"note":"Estimate (T5): MarketsandMarkets ranks Mitsubishi fifth among data-centre generator suppliers (after Caterpillar, Cummins, Rolls-Royce, Rehlko), and Grand View Research profiles Mitsubishi Heavy Industries among its key companies; neither gives a share. Revenue-based reading, so off basis. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share unchanged from screening: no better evidence found in the full pass.","offBasis":true},"fuel-cells":{"low":0,"central":0.1,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 31 appendix: large frame gas turbine order intake FY25 = 35 units (16 GW), FY24 = 25 (11 GW); China licensee order intake 13 units (FY24: 7); slide 6: 'Booked orders for 35 large frame gas turbines'"},"note":"Estimate (T5): MHI's segment list (GTCC, steam power, aero engines, nuclear) names no fuel cell business; its small SOFC hybrid units are assumed to be under 1% of fuel cells ordered for data centres."}},"activityGrowth":{"current":{"low":16,"central":16,"high":16,"unit":"GW","basis":"Large-frame gas turbine orders booked in gigawatts, MHI fiscal year (April to March); GW rounded in the source","period":"FY2025 (Apr 2025 to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 31 table 'Large Frame Gas Turbine Order Intake and Contract Backlog': FY25 order intake total 35 units (16 GW), FY24 25 units (11 GW)"},"note":"Yen orders for the GTCC business (gas turbine combined cycle, equipment and services) were JPY 2,652.6bn in FY2025 against JPY 1,474.4bn in FY2024 (slide 6), a cross-check on the same direction."},"prior":{"low":11,"central":11,"high":11,"unit":"GW","basis":"Large-frame gas turbine orders booked in gigawatts, MHI fiscal year (April to March); GW rounded in the source","period":"FY2024 (Apr 2024 to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 31 table: FY24 order intake total 25 units (11 GW)"}}},"committedExpansion":{"low":5.04,"central":5.04,"high":5.04,"unit":"ratio","basis":"GTCC order backlog (equipment and services) at 31 March 2026 ÷ GTCC revenue in fiscal 2025; backlog stated only as above JPY 5 trillion, so this is a floor","period":"Backlog at 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 6: 'order backlog surpassing JPY 5 tr' (large-frame GTCC); revenue JPY 992.2bn in FY2025 (original equipment 509.3, services 482.8)"},"note":"JPY 5,000bn (the company says the backlog surpasses this; the exact figure is not given) ÷ JPY 992.2bn = 5.04, so the true ratio is at least 5.04. Contract backlog was 74 large-frame units (33 GW) at the end of FY2025 against 48 units (21 GW) a year earlier (slide 31)."},"baselineRevenueUsd":{"low":6597000000,"central":6597000000,"high":6597000000,"unit":"USD","basis":"GTCC (gas turbine combined cycle) revenue, MHI fiscal year 2025 (April 2025 to March 2026), US dollars (equipment and services)","period":"FY2025 (Apr 2025 to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 6: GTCC revenue JPY 992.2bn in FY2025 (JPY 790.7bn in FY2024); slide 32: average rate used for revenue recognition JPY 150.4 per US dollar in FY2025"},"note":"Converted at the company's own FY2025 average rate: JPY 992,200m ÷ 150.4 = USD 6,597m. Excludes the other Energy Systems businesses (steam power, nuclear) and MHI's engine business."},"screening":{"gas-turbines":{"levelLow":3,"levelHigh":5},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b3e33300f0a56fd6499e7b6da228ceb2f0d387897ebbd87d7243ff1ca167a2d3"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b3e33300f0a56fd6499e7b6da228ceb2f0d387897ebbd87d7243ff1ca167a2d3"}}},"caterpillar":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"caterpillar","name":"Caterpillar (incl. Solar Turbines, Perkins, MaK)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0.3,"central":1.5,"high":3.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.caterpillar.com/news/news-details/2026/Caterpillar-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx","title":"Caterpillar Reports Fourth-Quarter and Full-Year 2025 Results","publisher":"Caterpillar Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Q4 2025 Power Generation sales to external customers $3.238bn, up 44%: 'Sales increased in large reciprocating engines, primarily data center applications'; turbines and turbine-related services also increased"},"note":"Estimate (T5): Solar Turbines (Caterpillar) turbines are used mostly in oil and gas (excluded by the card). Caterpillar says turbines and turbine services rose in Power Generation in Q4 2025 and Dora Partners names Solar a leader under 20 MW; no power-generation order total found. Assumed 0.3 to 3.4 GW of 96.1 GW. Full pass: unchanged; Power Generation turbines and services rose in 2025 (Form 10-K) but no turbine order total was found."},"engines-gensets":{"low":17,"central":26,"high":40,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fortunebusinessinsights.com/data-center-generator-market-114458","title":"Data Center Generator Market Size, Share & Forecast 2026-2034","publisher":"Fortune Business Insights","publishedDate":"2026-10-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market share section: 'Caterpillar: 18% market share', 'Cummins: 16% market share' (no year or basis stated); 2025 market USD 9.54bn; page shows 'Last Updated: October 05, 2026' (used as the date); lists Generac, Kohler, ABB, HITEC and others without shares"},"note":"Estimate (T5) inside a sourced floor: Fortune Business Insights gives Caterpillar 18% of the data-centre generator market (T4; no year or basis; the market includes sets under 1 MW) and MarketsandMarkets ranks Caterpillar first. Caterpillar's Power Generation external sales rose 32% to USD 10,275m in 2025 on large reciprocating engines 'primarily data center applications' (Form 10-K, T1), and the company announced on-site agreements for data centres of 4 GW with Joule (7 Aug 2025, T2, https://investors.caterpillar.com/news/news-details/2025/Joule-Caterpillar-and-Wheeler-Announce-an-Agreement-to-Power-Americas-Growing-Data-Center-Energy-Needs/default.aspx; an agreement, not a firm order) and up to 1 GW with Hunt Energy (POWER, 2 Mar 2026, T3, https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/; the article does not date the agreement, which trade press places in 2025; datacenterdynamics.com returned 403 and was not retried), on top of ordinary backup sets. Central 26% of the 25 GW total (6.5 GW), range 17% to 40% (judgement: the floor is Fortune's 18% less rounding, the ceiling allows 10 GW). Revenue-led and partly agreement-based, so off basis. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://investors.caterpillar.com/news/news-details/2026/Caterpillar-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx","title":"Caterpillar Reports Fourth-Quarter and Full-Year 2025 Results","publisher":"Caterpillar Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"Power & Energy application commentary lists reciprocating engines, turbines and services; no fuel cell product"}}},"activityGrowth":{"current":{"low":10275000000,"central":10275000000,"high":10275000000,"unit":"USD","basis":"Power Generation application external sales (all customers; includes turbines and non-data-centre uses), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/18230/000130817926000360/cat015318-ars.pdf","title":"Caterpillar Inc. 2025 Annual Report (including the 2025 Form 10-K)","publisher":"Caterpillar Inc. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Form 10-K, Management's discussion, Power & Energy external sales by application table (printed page 24): Power Generation $10,275 million in 2025"},"note":"The company says the increase was in large reciprocating engines, primarily data-centre applications, and that turbines and turbine-related services increased as well. Data-centre sales alone are not disclosed."},"prior":{"low":7756000000,"central":7756000000,"high":7756000000,"unit":"USD","basis":"Power Generation application external sales (all customers; includes turbines and non-data-centre uses), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/18230/000130817926000360/cat015318-ars.pdf","title":"Caterpillar Inc. 2025 Annual Report (including the 2025 Form 10-K)","publisher":"Caterpillar Inc. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Form 10-K, Power & Energy external sales by application table (printed page 24): Power Generation $7,756 million in 2024"}}},"baselineRevenueUsd":{"low":10275000000,"central":10275000000,"high":10275000000,"unit":"USD","basis":"Power Generation application external sales, calendar year 2025, US dollars (reciprocating engines, turbines and services; all end markets)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/18230/000130817926000360/cat015318-ars.pdf","title":"Caterpillar Inc. 2025 Annual Report (including the 2025 Form 10-K)","publisher":"Caterpillar Inc. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T1","locator":"Form 10-K, Power & Energy external sales by application table (printed page 24): Power Generation $10,275 million"},"note":"Reported in US dollars. Includes Solar Turbines (mostly oil and gas) and non-data-centre power generation, so it overstates the data-centre activity; the company-wide order backlog was USD 51.2bn at 31 Dec 2025 against USD 30.0bn a year earlier (Item 1), with the largest increase in Power & Energy."},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"34f8866e39484fe92b43fd40045277d4448d7de5c5a6ba46512e899f75f5e014"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"34f8866e39484fe92b43fd40045277d4448d7de5c5a6ba46512e899f75f5e014"}}},"cummins":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"cummins","name":"Cummins","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fortunebusinessinsights.com/data-center-generator-market-114458","title":"Data Center Generator Market Size, Share & Forecast 2026-2034","publisher":"Fortune Business Insights","publishedDate":"2026-10-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market share section: 'Caterpillar: 18% market share', 'Cummins: 16% market share' (no year or basis stated); 2025 market USD 9.54bn; page shows 'Last Updated: October 05, 2026' (used as the date); lists Generac, Kohler, ABB, HITEC and others without shares"},"note":"Estimate (T5): Cummins is profiled as an engine and generator-set maker in the cited rankings; no gas turbine business found, and cummins.com returned 403 (not retried). Assumed under 0.3%."},"engines-gensets":{"low":12,"central":19,"high":30,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fortunebusinessinsights.com/data-center-generator-market-114458","title":"Data Center Generator Market Size, Share & Forecast 2026-2034","publisher":"Fortune Business Insights","publishedDate":"2026-10-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market share section: 'Caterpillar: 18% market share', 'Cummins: 16% market share' (no year or basis stated); 2025 market USD 9.54bn; page shows 'Last Updated: October 05, 2026' (used as the date)"},"note":"Estimate (T5) inside a sourced floor: Fortune Business Insights gives Cummins 16% of the data-centre generator market (T4; no year or basis; includes sets under 1 MW) and MarketsandMarkets ranks Cummins second. Cummins' Power Systems segment sales rose to USD 7,463m in 2025 from USD 6,408m, and the company says Distribution and Power Systems had 'robust demand for data center backup power' (Form 8-K exhibit 99, 5 Feb 2026, T1/T2); the 10-K says 'strong demand for our data center products extending out six to eight quarters' and lists generators of 2 kW to 3.5 MW. Cummins' own data-centre revenue (about USD 3.5bn in 2025, up 35% from USD 2.6bn, as quoted by third-party earnings summaries of its Q4 call) could not be confirmed in any Cummins document opened: the release and the 10-K give no dollar figure, investor.cummins.com does not resolve and cummins.com and businesswire.com returned 403 (not retried). It is therefore used only as a cross-check, not as the basis: USD 3.5bn is about 29% of the USD 12bn bottom-up revenue pool behind the 25 GW total. Central 19% of 25 GW (4.75 GW), range 12% to 30% (wide because the key figure is unconfirmed). Revenue-led, so off basis. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fortunebusinessinsights.com/data-center-generator-market-114458","title":"Data Center Generator Market Size, Share & Forecast 2026-2034","publisher":"Fortune Business Insights","publishedDate":"2026-10-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market share section: 'Caterpillar: 18% market share', 'Cummins: 16% market share' (no year or basis stated); 2025 market USD 9.54bn; page shows 'Last Updated: October 05, 2026' (used as the date); lists Generac, Kohler, ABB, HITEC and others without shares"},"note":"Estimate (T5): Cummins' hydrogen business is electrolyzers and vehicle fuel cells; no stationary data-centre fuel cell order found. Assumed under 0.5%."}},"activityGrowth":{"current":{"low":7463000000,"central":7463000000,"high":7463000000,"unit":"USD","basis":"Power Systems segment sales (all end markets; data-centre sets are part of it and of Distribution), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/26172/000002617226000004/cmi2025q48-kex99.htm","title":"Cummins Reports Strong Fourth Quarter and Full Year 2025 Results (Form 8-K exhibit 99)","publisher":"Cummins Inc. / U.S. SEC","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segment sales table: Power Systems $7,463 million in 2025; Q4 Power Systems sales up 11% 'particularly for data center markets in North America, China and Asia Pacific'"},"note":"Segment sales, not data-centre sales: the company gives no dollar figure for data-centre revenue in the release. Distribution segment sales rose to USD 12,405m from USD 11,384m, also citing data-centre demand."},"prior":{"low":6408000000,"central":6408000000,"high":6408000000,"unit":"USD","basis":"Power Systems segment sales (all end markets; data-centre sets are part of it and of Distribution), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/26172/000002617226000004/cmi2025q48-kex99.htm","title":"Cummins Reports Strong Fourth Quarter and Full Year 2025 Results (Form 8-K exhibit 99)","publisher":"Cummins Inc. / U.S. SEC","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segment sales table: Power Systems $6,408 million in 2024"}}},"committedExpansion":{"low":1.5,"central":1.75,"high":2,"unit":"ratio","basis":"Demand for data-centre products already in hand, expressed in years of current annual output (six to eight quarters ÷ four quarters)","period":"Position at filing (2025 Form 10-K)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/26172/000002617226000009/cmi-20251231.htm","title":"Cummins Inc. Form 10-K for fiscal year 2025","publisher":"Cummins Inc. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Item 1, Backlog: 'We also have strong demand for our data center products extending out six to eight quarters.'"},"note":"Derived from the company's statement of how far forward demand extends (six to eight quarters, i.e. 1.5 to 2.0 years of current annual output); no dollar backlog is disclosed (open purchase orders are cancellable, so the 10-K does not call them firm). Company statement, so T2. Cummins also says it is 'taking orders now well into 2028' (call summaries, not opened)."},"baselineRevenueUsd":{"low":7463000000,"central":7463000000,"high":7463000000,"unit":"USD","basis":"Power Systems segment sales, calendar year 2025, US dollars (all end markets)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/26172/000002617226000004/cmi2025q48-kex99.htm","title":"Cummins Reports Strong Fourth Quarter and Full Year 2025 Results (Form 8-K exhibit 99)","publisher":"Cummins Inc. / U.S. SEC","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segment sales table: Power Systems $7,463 million"},"note":"Segment sales in US dollars; includes non-data-centre power generation, industrial and other uses, and excludes generator sets sold through the Distribution segment (USD 12,405m, which also carries engines and components)."},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.7,"levelHigh":3.3},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"98dba4eb0d11dc41de5d9a5f785ef4b57f1de3dafc55ce243de0b93166843921"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"98dba4eb0d11dc41de5d9a5f785ef4b57f1de3dafc55ce243de0b93166843921"}}},"innio":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"innio","name":"INNIO (Jenbacher, Waukesha)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.jenbacher.com/en/energy-solutions/industries/data-center/","title":"Jenbacher data center solutions","publisher":"INNIO Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product range lists gas engines only (to 10.6 MW); no gas turbines"}},"engines-gensets":{"low":7,"central":11,"high":22,"unit":"percent","basis":"Share of data-centre capacity ordered in 2025, derived from dollar order intake and announced MW (MW basis; revenue and dollar conversions flagged off basis)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","title":"INNIO Group Holding N.V. Prospectus (Form 424B4)","publisher":"INNIO / U.S. SEC","publishedDate":"2026-06","accessedDate":"2026-10-22","tier":"T5","locator":"Prospectus summary, Competitive Strengths: data-centre Equipment Order Intake USD 2,282 million as of 31 December 2025 (USD 27 million in 2023); Overview: 2025 Equipment Order Intake USD 3,884.0 million (2024: USD 1,349.6 million). The filing's date is read as June 2026 from the registration sequence (S-1 May 2026, 424B4 before the S-8 of 5 June 2026 and the IPO of June 2026); the pages opened show no filing date"},"note":"Estimate (T5): INNIO's prospectus says its data-centre equipment order intake rose from USD 27m in 2023 to USD 2,282m in 2025 (59% of USD 3,884.0m of equipment order intake; Form 424B4, T1), and the company announced on 21 Oct 2025 the largest order in its history, 2.3 GW (92 power packs of 25 MW each) with VoltaGrid for U.S. data centres (T2, https://www.innio.com/en/news-media/press-releases/innio-secures-largest-order-in-company-history-with-voltagrid-delivering-power-generation-for-one-of-the-worlds-largest-data-centers/); a further 1.5 GW VoltaGrid order was announced in February 2026 (a 2026 order, excluded). Taking the 2.3 GW as most of the USD 2.28bn (about USD 1m per MW for power packs including balance of plant) and allowing other 2025 data-centre orders, central 2.75 GW = 11% of the 25 GW total; low 7% (2.3 GW, the VoltaGrid order alone, against 35 GW), high 22% (about 3.3 GW against 15 GW; a judgement). Dollar-to-MW conversion, so off basis. Conflict: at screening INNIO was set at 4.5% (2% to 10%) from the rankings alone, before the order and prospectus figures were opened. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.jenbacher.com/en/energy-solutions/industries/data-center/","title":"Jenbacher data center solutions","publisher":"INNIO Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product range lists gas engines only; no fuel cells"}}},"activityGrowth":{"current":{"low":3884000000,"central":3884000000,"high":3884000000,"unit":"USD","basis":"Equipment order intake (all end markets: data centres 59%, other power and gas compression), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","title":"INNIO Group Holding N.V. Prospectus (Form 424B4)","publisher":"INNIO / U.S. SEC","publishedDate":"2026-06","accessedDate":"2026-10-22","tier":"T1","locator":"Prospectus summary and Key Operating Metrics: Equipment Order Intake USD 3,884.0 million in 2025. The filing's date is read as June 2026 from the registration sequence (S-1 May 2026, 424B4 before the S-8 of 5 June 2026 and the IPO of June 2026); the pages opened show no filing date"},"note":"All-market equipment orders, a conservative stand-in for data-centre orders, which grew far faster (USD 27m in 2023 to USD 2,282m in 2025). Equipment order backlog rose to USD 3,599.3m at 31 Dec 2025 from USD 994.1m."},"prior":{"low":1349600000,"central":1349600000,"high":1349600000,"unit":"USD","basis":"Equipment order intake (all end markets: data centres 59%, other power and gas compression), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","title":"INNIO Group Holding N.V. Prospectus (Form 424B4)","publisher":"INNIO / U.S. SEC","publishedDate":"2026-06","accessedDate":"2026-10-22","tier":"T1","locator":"Prospectus summary and Key Operating Metrics: Equipment Order Intake USD 1,349.6 million in 2024. The filing's date is read as June 2026 from the registration sequence (S-1 May 2026, 424B4 before the S-8 of 5 June 2026 and the IPO of June 2026); the pages opened show no filing date"}}},"baselineRevenueUsd":{"low":2636800000,"central":2636800000,"high":2636800000,"unit":"USD","basis":"Net sales, calendar year 2025, US dollars (equipment and services; all end markets)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","title":"INNIO Group Holding N.V. Prospectus (Form 424B4)","publisher":"INNIO / U.S. SEC","publishedDate":"2026-06","accessedDate":"2026-10-22","tier":"T1","locator":"Prospectus summary, Overview: USD 2,636.8 million in revenue for 2025 (2024: USD 2,159.1 million). The filing's date is read as June 2026 from the registration sequence (S-1 May 2026, 424B4 before the S-8 of 5 June 2026 and the IPO of June 2026); the pages opened show no filing date"},"note":"Reported in US dollars. About half is services (the Services segment was 52% of net sales in Q1 2026) and gas compression is included, so data-centre equipment is a minority of this figure."},"screening":{"engines-gensets":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"bf3dfda0d393a950a99fac9ee6a5b873ce112a7fd175909f272706eb32579706"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"bf3dfda0d393a950a99fac9ee6a5b873ce112a7fd175909f272706eb32579706"}}},"rolls-royce-power-systems":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"rolls-royce-power-systems","name":"Rolls-Royce Power Systems (mtu)","kind":"unit","parentId":"rolls-royce","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.mtu-solutions.com/eu/en/about-us/about-rolls-royce-power-systems.html","title":"About Rolls-Royce Power Systems","publisher":"Rolls-Royce Power Systems (mtu)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Power generation products: diesel and gas generator sets, dynamic UPS, grid-scale storage; no gas turbines"}},"engines-gensets":{"low":6.2,"central":10.8,"high":18.1,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.rolls-royce.com/investors/results-reports-and-presentations/financial-results/rr-holdings-plc-2025-full-year-results.aspx","title":"Rolls-Royce Holdings plc 2025 Full Year Results","publisher":"Rolls-Royce Holdings plc","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"Power Systems section: 'Underlying revenue was GBP 4.9bn'; 'Power generation revenue growth was 30%, including data centre revenue growth of 35%'; 'order intake was GBP 6.1bn, a 21% increase'; Segmental analysis: Power Systems original equipment revenue GBP 3,433m, aftermarket GBP 1,459m; statutory GBP:USD average rate 1.32 for 2025"},"note":"Estimate (T5): Rolls-Royce Power Systems (mtu) underlying revenue was GBP 4,892m in 2025 (original equipment GBP 3,433m, aftermarket GBP 1,459m) with order intake of GBP 6.1bn (+21%) and power generation orders up 31%; the company says power generation revenue grew 30%, 'including data centre revenue growth of 35%' (2025 full-year results, 26 Feb 2026, T2), and that it is 'significantly increasing capacity in Germany and at our US sites in Aiken and Mankato'. No data-centre revenue, MW or order figure is given, so the data-centre share of segment revenue is a judgment: 12% to 35%, central 21%. The central keeps Rolls-Royce third, as MarketsandMarkets ranks it among data-centre generator suppliers (after Caterpillar and Cummins), and keeps the engines-gensets shares of the sublayer within 100% in total. Method: data-centre share x GBP 4,892m x 1.32 USD per GBP (the statutory 2025 average rate stated in the release) ÷ USD 0.5m per MW (the market total below uses USD 0.45m per MW for equipment; the higher figure allows for revenue that includes some aftermarket services). Low: 0.12 x 4,892 = GBP 587m = USD 775m = 1.55 GW = 6.2% of 25 GW. Central: 0.21 x 4,892 = GBP 1,027m = USD 1,356m = 2.71 GW = 10.8%. High: 0.35 x 4,892 = GBP 1,712m = USD 2,260m = 4.52 GW = 18.1%. Revenue-led, so off basis. Rolls-Royce Power Systems also owns Kinolt (Rolls-Royce Solutions Liège), whose sets are inside this revenue. This replaces the earlier derivation (assumed 25% to 35% of segment revenue, GBP 1.2bn to 1.6bn), which did not reproduce the stored central of 11%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.mtu-solutions.com/eu/en/about-us/about-rolls-royce-power-systems.html","title":"About Rolls-Royce Power Systems","publisher":"Rolls-Royce Power Systems (mtu)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list has no fuel cells"}}},"activityGrowth":{"current":{"low":135,"central":135,"high":135,"unit":"index (CY2024 data-centre revenue = 100)","basis":"Data-centre revenue of Power Systems, calendar year, indexed to 2024 = 100","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.rolls-royce.com/investors/results-reports-and-presentations/financial-results/rr-holdings-plc-2025-full-year-results.aspx","title":"Rolls-Royce Holdings plc 2025 Full Year Results","publisher":"Rolls-Royce Holdings plc","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"Power Systems revenue section: 'Power generation revenue growth was 30%, including data centre revenue growth of 35%'"},"note":"Index built from the company's stated growth rate (+35%); Rolls-Royce does not disclose data-centre revenue in pounds."},"prior":{"low":100,"central":100,"high":100,"unit":"index (CY2024 data-centre revenue = 100)","basis":"Data-centre revenue of Power Systems, calendar year, indexed to 2024 = 100","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.rolls-royce.com/investors/results-reports-and-presentations/financial-results/rr-holdings-plc-2025-full-year-results.aspx","title":"Rolls-Royce Holdings plc 2025 Full Year Results","publisher":"Rolls-Royce Holdings plc","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"Base of the index: the 2025 growth rate of 35% is measured against 2024"}}},"baselineRevenueUsd":{"low":6457000000,"central":6457000000,"high":6457000000,"unit":"USD","basis":"Power Systems underlying revenue, calendar year 2025, US dollars (all end markets)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.rolls-royce.com/investors/results-reports-and-presentations/financial-results/rr-holdings-plc-2025-full-year-results.aspx","title":"Rolls-Royce Holdings plc 2025 Full Year Results","publisher":"Rolls-Royce Holdings plc","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T2","locator":"Power Systems key figures: underlying revenue GBP 4,892m; Group average exchange rate GBP:USD 1.32 for 2025 (statutory)"},"note":"GBP 4,892m x 1.32 (the group's statutory 2025 average rate stated in the release) = USD 6,457m. Underlying revenue is stated at the group's hedge rate (1.44), so reported revenue in US dollars is lower than a conversion at the hedge rate would give. Includes governmental, marine and industrial as well as power generation."},"screening":{"engines-gensets":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f1b15da10445de02fce0d72f066595166996c752b44a2d2bddff0b3fa9874dca"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f1b15da10445de02fce0d72f066595166996c752b44a2d2bddff0b3fa9874dca"}}},"rehlko":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"rehlko","name":"Rehlko (formerly Kohler Energy)","kind":"private","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-generators-companies.asp","title":"Cummins (US) and Caterpillar (US) are the leading key players in the Data Centers Generators Market","publisher":"MarketsandMarkets","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market ranking order: Caterpillar, Cummins, Rolls-Royce, Rehlko, Mitsubishi; no shares or revenues given; 2026 market USD 8.57bn"},"note":"Estimate (T5): Rehlko (Kohler Energy, SDMO) makes generator sets and engines; no gas turbine business found. rehlko.com returned 403 and was not retried. Assumed under 0.3%."},"engines-gensets":{"low":4,"central":8,"high":14,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-generators-companies.asp","title":"Cummins (US) and Caterpillar (US) are the leading key players in the Data Centers Generators Market","publisher":"MarketsandMarkets","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market ranking order: Caterpillar, Cummins, Rolls-Royce, Rehlko, Mitsubishi; no shares or revenues given; 2026 market USD 8.57bn"},"note":"Estimate (T5): MarketsandMarkets ranks Rehlko fourth among data-centre generator suppliers (after Caterpillar, Cummins, Rolls-Royce); Grand View Research profiles it; neither gives a share. rehlko.com returned 403 (not retried), so no company figure was opened. Assumed 4% to 14%. Revenue-based, so off basis. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Full pass: Rehlko is private (Platinum Equity) and no 2025 revenue, MW or order figure was found (rehlko.com returned 403 at screening; searches returned only 2026 capacity announcements, a June 2026 Kenosha, Wisconsin assembly site and a Liebherr engine-capacity partnership at Colmar, France). It may buy Jenbacher engines from INNIO (a 700 MW reservation, later extended to 1.25 GW over three years, per trade press in April 2026), so its MW can overlap INNIO's. No Rising input exists.","offBasis":true},"fuel-cells":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.marketsandmarkets.com/ResearchInsight/data-center-generators-companies.asp","title":"Cummins (US) and Caterpillar (US) are the leading key players in the Data Centers Generators Market","publisher":"MarketsandMarkets","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Market ranking order: Caterpillar, Cummins, Rolls-Royce, Rehlko, Mitsubishi; no shares or revenues given; 2026 market USD 8.57bn"},"note":"Estimate (T5): no fuel cell business found for Rehlko; rehlko.com blocked (403). Assumed under 0.3%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.7,"levelHigh":3.3},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"413de10d6e13834f307a611fbd527a54d7b4e963c2c190f0f52ed28feea5c0bc"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"413de10d6e13834f307a611fbd527a54d7b4e963c2c190f0f52ed28feea5c0bc"}}},"doosan-enerbility":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"doosan-enerbility","name":"Doosan Enerbility (incl. Doosan Fuel Cell)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":2.1,"central":4,"high":8.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 13 (PDF page 14): '16 gas turbines (8 GW) cumulative contracted globally by 2025'; North America data centres '5 units (2 GW) N.A. for '25'; domestic '11 Gas Turbines (Total 6GW)'. Month from the file's modified date (2026-03-03); the pages show no date. Slide 5: revenue driven by Enerbility, Bobcat and Fuel Cell"},"note":"Estimate (T5) inside a company range: Doosan says 5 units (2 GW) were ordered for North American data centres in 2025 and that 16 gas turbines (8 GW) were cumulatively contracted by end-2025 (11 domestic units, 6 GW, over earlier years too). Low = 2 GW of 96.1 GW; high = all 8 GW; central 3.8 GW is a judgement."},"engines-gensets":{"participates":false,"evidence":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Slides 5 and 13 to 16: businesses are nuclear, gas turbines, steam turbines, EPC, Bobcat and fuel cells; no engine generator sets"}},"fuel-cells":{"low":0.1,"central":1,"high":4,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 13 (PDF page 14): '16 gas turbines (8 GW) cumulative contracted globally by 2025'; North America data centres '5 units (2 GW) N.A. for '25'; domestic '11 Gas Turbines (Total 6GW)'. Month from the file's modified date (2026-03-03); the pages show no date. Slide 5: revenue driven by Enerbility, Bobcat and Fuel Cell"},"note":"Estimate (T5): the deck names Doosan Fuel Cell sales as a revenue driver but gives no MW or data-centre order. No data-centre sale is shown; assumed 0.1% to 4% of fuel cells ordered for data centres."}},"activityGrowth":{"current":{"low":1.3,"central":1.3,"high":1.3,"unit":"KRW trillion","basis":"Gas/Hydrogen orders (gas turbine equipment, gas turbine services and combined-cycle steam turbines), Doosan Enerbility managerial consolidated, calendar year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 7 (PDF page 8) 'Mix Forecast by Energy Sources (1) Orders': Gas/Hydrogen KRW 1.3tn in 2025, KRW 0.9tn in 2024, KRW 3.2tn planned for 2026. Month from the file's modified date (2026-03-03); the pages show no date"},"note":"Includes services and steam turbines for combined cycle as well as gas turbines; rounded to 0.1 trillion in the source. Total orders KRW 14.7tn in 2025 against KRW 7.1tn."},"prior":{"low":0.9,"central":0.9,"high":0.9,"unit":"KRW trillion","basis":"Gas/Hydrogen orders (gas turbine equipment, gas turbine services and combined-cycle steam turbines), Doosan Enerbility managerial consolidated, calendar year","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 7 (PDF page 8): Gas/Hydrogen KRW 0.9tn in 2024. Month from the file's modified date (2026-03-03); the pages show no date"}}},"committedExpansion":{"low":3,"central":3.33,"high":3.7,"unit":"ratio","basis":"Gas/Hydrogen order backlog at 31 December 2025 ÷ Gas/Hydrogen sales in 2025","period":"Backlog at 31 Dec 2025","periodEnd":"2025-12-31","source":{"url":"https://v3-origin-doosanheavy.doosan.com/en/investment/ir/down/501","title":"FY2025 Earnings Release and Business Outlook","publisher":"Doosan Enerbility","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 8 (PDF page 9) 'Order Backlogs & Sales': Gas/Hydrogen backlog KRW 2.0tn and sales KRW 0.6tn in 2025. Month from the file's modified date (2026-03-03); the pages show no date"},"note":"KRW 2.0tn ÷ KRW 0.6tn = 3.33. The source rounds both to 0.1 trillion, so the range uses KRW 1.95tn ÷ 0.65tn = 3.0 and KRW 2.05tn ÷ 0.55tn = 3.7. Doosan has contracted 16 gas turbines (8 GW) cumulatively by 2025 (slide 13)."},"screening":{"gas-turbines":{"levelLow":2,"levelHigh":3.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a7916600cf4d92c3af92dd80f9ae35c2ccb31c98ed20b4ddd391df653bb40a9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a7916600cf4d92c3af92dd80f9ae35c2ccb31c98ed20b4ddd391df653bb40a9"}}},"dongfang-electric":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"dongfang-electric","name":"Dongfang Electric","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":4.5,"central":5.3,"high":6.2,"unit":"percent","basis":"Large-frame units ordered by MHI's China licensee in FY2025, converted to MW at an assumed 0.33–0.46 GW per unit","period":"FY2025 (Apr 2025 to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 31 appendix: large frame gas turbine order intake FY25 = 35 units (16 GW), FY24 = 25 (11 GW); China licensee order intake 13 units (FY24: 7); slide 6: 'Booked orders for 35 large frame gas turbines'"},"note":"Estimate (T5): MHI's China licensee ordered 13 large-frame units in FY2025 (MHI deck slide 31, T2); Global Energy Monitor names Dongfang Electric as MHI's partner in China. At 0.33 to 0.46 GW per unit (upper end: MHI's own average, 16 GW / 35 units = 0.46 GW; lower end an assumed smaller rating for the licensee's units) that is 13 x 0.33 = 4.29 GW to 13 x 0.46 = 5.98 GW, or 4.5% to 6.2% of 96.1 GW; central 13 x 0.395 GW (the midpoint of the unit sizes) = 5.1 GW = 5.3%. The stored range is the unit-size range only; it does not cover the chance that McCoy credits licensee units to MHI instead, in which case MHI's share would be about 22% ((16 + 5.1) / 96.1) and this entry should be zero. The prior (FY2024) uses the same method and midpoint, so the share change is +0.4 points. Global Energy Monitor (Aug 2024) puts Dongfang at nearly 25% of turbines under construction in China.","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; in China GE (directly or via Harbin Electric General) 39%, MHI's partner Dongfang nearly 25% (about 46 GW under construction in China). Page shows month and year only"},"note":"Estimate (T5): no engine generator-set business found for Dongfang Electric and no page was opened for it; assumed under 0.5%. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.1,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; in China GE (directly or via Harbin Electric General) 39%, MHI's partner Dongfang nearly 25% (about 46 GW under construction in China). Page shows month and year only"},"note":"Estimate (T5): no stationary fuel cell data-centre order found for Dongfang Electric and no page was opened for it; assumed under 1%."}},"priorShares":{"gas-turbines":{"low":4.1,"central":4.9,"high":5.7,"unit":"percent","basis":"Large-frame units ordered by MHI's China licensee in FY2024, converted to MW at an assumed 0.33–0.46 GW per unit","period":"FY2024 (Apr 2024 to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 31: 'China Licensee Order Intake' 7 units in FY24 (13 in FY25); slide 6: CY24 gas turbine demand 56.2 GW (McCoy)"},"note":"Estimate (T5), same method as the FY2025 share: MHI's China licensee ordered 7 large-frame units in FY2024 (slide 31, T2); attributed to Dongfang Electric by 5LayerCake from Global Energy Monitor (https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under, Aug 2024). At 0.33 to 0.46 GW per unit that is 2.3 to 3.2 GW, 4.1% to 5.7% of the 56.2 GW CY2024 total; central 7 x 0.395 GW = 2.8 GW = 4.9%.","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; MHI's partner Dongfang nearly 25% in China. Page shows month and year only"},"note":"Estimate (T5): no engine generator-set business found for Dongfang Electric; held at the CY2025 estimate (under 0.5%), so the share-change component rests on the gas turbine part."},"fuel-cells":{"low":0,"central":0.1,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; MHI's partner Dongfang nearly 25% in China. Page shows month and year only"},"note":"Estimate (T5): no stationary fuel cell data-centre order found for Dongfang Electric; held at the CY2025 estimate (under 1%)."}},"activityGrowth":{"current":{"low":13,"central":13,"high":13,"unit":"units","basis":"Large-frame gas turbine units ordered through MHI's China licensee, MHI fiscal year (April to March); attributed to Dongfang Electric by 5LayerCake","period":"FY2025 (Apr 2025 to Mar 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 31: 'China Licensee Order Intake' 13 (FY25), 7 (FY24). The unit counts are the company's (T2); the attribution to Dongfang Electric is 5LayerCake's inference, so the tier is T5"},"note":"Counts are reported as units, not GW. Global Energy Monitor names Dongfang Electric as MHI's partner in China; Dongfang's own 2025 annual results (HKEX announcement of 29 April 2026, https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042905712.pdf, T2) give total new orders of RMB 117.251bn (+15.93%) but no gas turbine split."},"prior":{"low":7,"central":7,"high":7,"unit":"units","basis":"Large-frame gas turbine units ordered through MHI's China licensee, MHI fiscal year (April to March); attributed to Dongfang Electric by 5LayerCake","period":"FY2024 (Apr 2024 to Mar 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","title":"FY2025 Financial Results (presentation)","publisher":"Mitsubishi Heavy Industries","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 31: 'China Licensee Order Intake' 7 (FY24); attribution to Dongfang Electric is 5LayerCake's inference (T5)"}}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"39c23cd2c36cf5398711af9b33e0a5eb96aca555feacccbf93cfdf6db07280bf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"39c23cd2c36cf5398711af9b33e0a5eb96aca555feacccbf93cfdf6db07280bf"}}},"weichai-power":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"weichai-power","name":"Weichai Power (incl. Baudouin, PSI)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.weichaipower.com/","title":"Weichai Power: power and energy solutions","publisher":"Weichai Power","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Power section lists engines, generator sets and solid oxide fuel cells; no gas turbines"}},"engines-gensets":{"low":4,"central":7,"high":13,"unit":"percent","basis":"Share of data-centre generator-set capacity in 2025, derived from units delivered at an assumed 1.0 to 2.0 MW per set (unit count converted to MW; off basis)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.jiemian.com/article/13929204.html","title":"潍柴动力股价新高背后：乘上AI的东风？","publisher":"Jiemian News (界面新闻)","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T5","locator":"'其中，数据中心用发电机组交付量超过1400台，较上年增长约260%' (data-centre generator sets delivered in 2025 exceeded 1,400 units, about 260% more than the previous year); also 'ranked third worldwide' by power-generation equipment units (over 100,000 units in 2025)"},"note":"Estimate (T5): a Weichai official told Jiemian News (January 2026; T3 press citing the company) that data-centre generator sets delivered in 2025 exceeded 1,400 units, about 260% more than in 2024 (the same article cites Weichai's 2025 interim report: nearly 600 units in the first half, up 491%). Deliveries are not orders and units are not MW. At an assumed 1.0 to 2.0 MW per set (large-bore sets) that is 1.4 to 2.8 GW; central 1.75 GW = 7% of the 25 GW total, range 4% (1.4 GW of 35 GW) to 13% (a judgement; the corner of 2.8 GW against 15 GW would be 19%, which is unlikely together with deliveries that lag orders). Conflict: at screening Weichai was set at 2.5% (0.8% to 6%) because no unit figure had been opened. The primary source (Weichai's 2025 annual report) was not opened; secondary summaries also cite a company claim of 'over 12%' global share of data-centre deliveries, which was not found in any page opened and is not used. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"low":0.05,"central":0.5,"high":3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.weichaipower.com/","title":"Weichai Power: power and energy solutions","publisher":"Weichai Power","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Power generation engines 'suited to data centres, telecom base stations, commercial backup, continuous power'; Weichai and Baudouin genset brands; solid oxide fuel cell listed; no gas turbines mentioned. Page shows no date"},"note":"Estimate (T5): the page lists a solid oxide fuel cell line; no data-centre MW found. Assumed 0.05% to 3% of fuel cells ordered for data centres. Full pass: unchanged; Shandong Heavy Industry's SOFC business launched in January 2026 per press coverage, with no order figure found."}},"activityGrowth":{"current":{"low":1400,"central":1400,"high":1500,"unit":"units","basis":"Data-centre generator sets delivered (units), calendar year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.jiemian.com/article/13929204.html","title":"潍柴动力股价新高背后：乘上AI的东风？","publisher":"Jiemian News (界面新闻)","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T3","locator":"'数据中心用发电机组交付量超过1400台，较上年增长约260%' (more than 1,400 units, about 260% growth)"},"note":"Source says 'more than 1,400'; the range allows up to 1,500. Units, not MW."},"prior":{"low":384,"central":389,"high":423,"unit":"units","basis":"Data-centre generator sets delivered (units), calendar year","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://m.jiemian.com/article/13929204.html","title":"潍柴动力股价新高背后：乘上AI的东风？","publisher":"Jiemian News (界面新闻)","publishedDate":"2026-01","accessedDate":"2026-10-22","tier":"T3","locator":"Derived from 'about 260%' growth on more than 1,400 units"},"note":"Derived: 1,400 ÷ 3.6 = 389 units (the range allows 1,400 to 1,500 units at 255% to 265% growth, which gives 384 to 423 units: 1,400 ÷ 3.65 = 384 and 1,500 ÷ 3.55 = 423). Consistent with the interim-report figure cited in the same article (nearly 600 units in the first half of 2025, up 491%, which implies about 100 in the first half of 2024)."}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"01862dc0ec9f7d0aabe107d0f36e29a5053553855f588ef754559558507625ab"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"01862dc0ec9f7d0aabe107d0f36e29a5053553855f588ef754559558507625ab"}}},"ansaldo-energia":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"ansaldo-energia","name":"Ansaldo Energia","kind":"private","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":1,"central":3,"high":5.5,"unit":"percent","basis":"2025 order value (EUR), with an assumed 40–70% new gas-turbine units at about EUR 0.4bn per GW","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://en.ilsole24ore.com/art/ansaldo-profit-20-million-and-orders-up-24-per-cent-AIFJpjHC","title":"Ansaldo: profit 20 million and orders up 24 per cent","publisher":"Il Sole 24 Ore (Ansaldo Energia 2025 results)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T5","locator":"Orders EUR 2.3bn (+24%), revenues EUR 1.2bn (+10%), adjusted EBITDA EUR 140m for 2025; company figures reported by the newspaper, no GW given"},"note":"Estimate (T5): Ansaldo Energia reported 2025 orders of EUR 2.3bn (+24%) and revenue EUR 1.2bn (Il Sole 24 Ore, 1 Apr 2026, company figures; T2). If 40% to 70% of orders are new gas turbine units at about EUR 0.4bn per GW (Siemens Energy's CMD figure for its new units, used as a proxy), that is 2.3 to 4.0 GW; the range allows 1 to 5.3 GW (1.0% to 5.5% of 96.1 GW).","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ansaldoenergia.com/","title":"Ansaldo Energia: products","publisher":"Ansaldo Energia","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Heavy-duty gas turbines AE64.3A to GT36 (78 to 560+ MW), microturbines AE-T100, steam turbines, generators; no engines or fuel cells listed. Page shows no date"},"note":"Estimate (T5): Ansaldo's page lists only the AE-T100 microturbine (100 kW) below 10 MW; assumed under 0.5% of data-centre sets. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.ansaldoenergia.com/","title":"Ansaldo Energia: products","publisher":"Ansaldo Energia","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product list: gas turbines, microturbines, steam turbines, generators, hydrogen and electrolysers; no fuel cells"}}},"activityGrowth":{"current":{"low":2300000000,"central":2300000000,"high":2300000000,"unit":"EUR","basis":"Total orders (new units and services), calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.milanofinanza.it/news/focus-su-ansaldo-energia-202604020801101113","title":"Focus su Ansaldo Energia","publisher":"Milano Finanza","publishedDate":"2026-04-02","accessedDate":"2026-10-22","tier":"T2","locator":"'Gli ordini hanno raggiunto i 2,3 miliardi di euro (+ 24% anno su anno)'; revenue EUR 1.2bn (+10%)"},"note":"Company figures reported by Milano Finanza (also Il Sole 24 Ore, 1 Apr 2026, as used at screening). Orders include services as well as new gas turbines; the order book at the end of 2025 was not disclosed in the pages opened."},"prior":{"low":1810000000,"central":1855000000,"high":1890000000,"unit":"EUR","basis":"Total orders (new units and services), calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.milanofinanza.it/news/focus-su-ansaldo-energia-202604020801101113","title":"Focus su Ansaldo Energia","publisher":"Milano Finanza","publishedDate":"2026-04-02","accessedDate":"2026-10-22","tier":"T2","locator":"'+ 24% anno su anno' on EUR 2.3bn of 2025 orders"},"note":"Derived: EUR 2.3bn ÷ 1.24 = EUR 1.855bn; the range allows EUR 2.25bn to 2.35bn of 2025 orders and a growth rate of 23.5% to 24.5%. The article does not state 2024 orders."}},"baselineRevenueUsd":{"low":1327000000,"central":1327000000,"high":1327000000,"unit":"USD","basis":"Total revenue, calendar year 2025, US dollars (new units and services)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.milanofinanza.it/news/focus-su-ansaldo-energia-202604020801101113","title":"Focus su Ansaldo Energia","publisher":"Milano Finanza","publishedDate":"2026-04-02","accessedDate":"2026-10-22","tier":"T2","locator":"'i ricavi si sono attestati a 1,2 miliardi (+10%)'"},"note":"EUR 1.2bn (rounded in the source) converted at USD 1.1056 per euro, Siemens Energy's stated average rate for its fiscal 2025 (Annual Report 2025); no calendar-2025 average was opened, so the conversion is approximate (within about 2%). Company-wide revenue, which includes services and non-turbine businesses."},"screening":{"gas-turbines":{"levelLow":2,"levelHigh":3.7},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0eebcfa535e38409cf30101d4d71a7640059c76f2c0a2d1ddf2bec4612cf6b83"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0eebcfa535e38409cf30101d4d71a7640059c76f2c0a2d1ddf2bec4612cf6b83"}}},"wartsila":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"wartsila","name":"Wärtsilä (Energy)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.wartsila.com/investors/blog/post/highlights-from-the-data-centre-theme-call","title":"Highlights from the Data Centre theme call","publisher":"Wärtsilä","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T2","locator":"The call compares Wärtsilä engines with aeroderivative and combined-cycle turbines as competing options; it sells none"}},"engines-gensets":{"low":2.3,"central":3.2,"high":8,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.wartsila.com/media/news/04-02-2026-wartsila-s-financial-statements-bulletin-january-december-2025-3713746","title":"Wärtsilä's Financial Statements Bulletin January-December 2025","publisher":"Wärtsilä","publishedDate":"2026-02-04","accessedDate":"2026-10-22","tier":"T5","locator":"CEO review: Wärtsilä 'secured our first two projects in the US, which together included delivering 789 MWs of power from Wärtsilä engines' (numerator T2; the 25 GW total is T5, so the observation is T5)"},"note":"Estimate (T5): the company says it secured its first two U.S. data-centre projects in 2025, together 789 MW of its engines (financial statements bulletin, 4 Feb 2026, T2), and that it secured 'close to 800 MW of orders related to data centre applications' in 2025, with a further 429 MW U.S. order in early 2026 (data centre theme call post, 17 Feb 2026, https://www.wartsila.com/investors/blog/post/highlights-from-the-data-centre-theme-call, T2). Numerator bounds: low 0.789 GW (the bulletin's 789 MW), central 0.8 GW (the company's 'close to 800 MW', which already covers all its 2025 data-centre orders), high 1.2 GW (0.8 GW plus the 429 MW order, 1.23 GW, as a ceiling should orders have slipped across the year end). Of the 25 GW total (15 to 35 GW): central 0.8 GW / 25 = 3.2%, low 0.789 GW / 35 = 2.3%, high 1.2 GW / 15 = 8.0%. MW basis, so on the card's basis. This replaces the earlier central of 0.9 GW (3.6%), which added 'unlisted smaller orders' the company's own total does not show. Trade press (Power Engineering, 16 Apr 2026) puts its U.S. data-centre engine capacity at past 1.6 GW across four projects by April 2026, which includes 2026 orders. The bulletin gives no Energy-only order or sales figures (it reports Marine and Energy together), so no activity growth or baseline revenue is entered. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis."},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.wartsila.com/investors/blog/post/highlights-from-the-data-centre-theme-call","title":"Highlights from the Data Centre theme call","publisher":"Wärtsilä","publishedDate":"2026-02-17","accessedDate":"2026-10-22","tier":"T2","locator":"The call covers engines and turbines only; Wärtsilä Energy sells no stationary fuel cells"}}},"screening":{"engines-gensets":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"93077b974ef3c7f9302ccf43e160cee3e74e195973d19b1a5f159a674535bce5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"93077b974ef3c7f9302ccf43e160cee3e74e195973d19b1a5f159a674535bce5"}}},"generac":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"generac","name":"Generac","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.generac.com/industrial/","title":"Generac Industrial","publisher":"Generac Power Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Industrial page: stationary generators (to 3.25 MW), batteries, transfer switches; no gas turbines"}},"engines-gensets":{"low":1,"central":3,"high":7,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1474735/000110465926051520/tm264770d2_ars.pdf","title":"Generac Holdings Inc. 2025 Annual Report (shareholder letter)","publisher":"Generac Holdings Inc. / U.S. SEC","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Shareholder letter, 'Entering the Data Center Market': 'Our backlog for data center products grew to approximately $400 million as of our fourth quarter 2025 earnings release'; domestic capacity for large megawatt generators to surpass $1 billion by Q4 2026. The pages opened show no date; the report follows the 11 Feb 2026 results release"},"note":"Estimate (T5): Generac introduced large-megawatt diesel generators in the first half of 2025 and began shipping to data centres in Q3 2025; its data-centre backlog 'grew to approximately $400 million as of our fourth quarter 2025 earnings release' (2025 annual report shareholder letter, T2, https://www.sec.gov/Archives/edgar/data/1474735/000110465926051520/tm264770d2_ars.pdf). At an assumed USD 0.5m to 0.6m per MW that is 0.7 to 0.8 GW of orders and backlog built mainly in the second half of 2025; central 3% of 25 GW (0.75 GW), range 1% to 6%. Dollar-based, so off basis. Commercial & Industrial net sales were USD 1,457.4m in 2025 against USD 1,389.5m (Form 8-K exhibit 99, 11 Feb 2026), which shows the data-centre ramp is not yet visible in segment sales. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.generac.com/industrial/","title":"Generac Industrial","publisher":"Generac Power Systems","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Industrial page: no fuel cells"}}},"baselineRevenueUsd":{"low":1457385000,"central":1457385000,"high":1457385000,"unit":"USD","basis":"Commercial & Industrial product net sales, calendar year 2025, US dollars (all C&I end markets)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1474735/000143774926003700/ex_919348.htm","title":"Generac Holdings Inc. fourth quarter and full-year 2025 results (Form 8-K exhibit 99)","publisher":"Generac Holdings Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Net sales by segment table: C&I $1,457,385 thousand in 2025 ($1,389,469 thousand in 2024); total net sales $4,209,147 thousand"},"note":"Reported in US dollars. C&I includes telecom, rental and other uses, and data-centre sales were only starting in H2 2025, so this overstates the data-centre activity."},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d2538ed686a09d1a6bd03c5d91214f7e031e811dff657701f01ef23937504adc"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d2538ed686a09d1a6bd03c5d91214f7e031e811dff657701f01ef23937504adc"}}},"shanghai-electric":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"shanghai-electric","name":"Shanghai Electric","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0.5,"central":1.5,"high":3,"unit":"percent","basis":"Gas power equipment order value in 2025 (RMB), converted to MW at an assumed USD 250–400 per kW","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T5","locator":"'Gas power generation equipment orders amounted to RMB 3.095 billion (+33.35%, USD 454.04 million)'"},"note":"Estimate (T5): Shanghai Electric's gas power generation equipment orders were RMB 3.095bn in 2025 (+33.35%), USD 454.04m at the release's own conversion (company statement, T2). At an assumed USD 250 to 400 per kW for a turbine package (Doosan's deck assumes USD 250/kW for H-class turbines) that is about 1.1 to 1.8 GW, 1.2% to 1.9% of the 96.1 GW worldwide total (McCoy via MHI slide 6); central 1.5% (1.4 GW), range 0.5% to 3.0%. The figure may include heat-recovery boilers, generators and services as well as turbines, and licensed units may also be credited to the licensor in McCoy's tally (see Harbin Electric and Dongfang Electric).","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; in China GE (directly or via Harbin Electric General) 39%, MHI's partner Dongfang nearly 25% (about 46 GW under construction in China). Page shows month and year only"},"note":"Estimate (T5): no engine generator-set business found and no page was opened; assumed under 0.5%. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","title":"Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction","publisher":"Global Energy Monitor","publishedDate":"2024-08","accessedDate":"2026-10-22","tier":"T5","locator":"Text: GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; in China GE (directly or via Harbin Electric General) 39%, MHI's partner Dongfang nearly 25% (about 46 GW under construction in China). Page shows month and year only"},"note":"Estimate (T5): no stationary fuel cell business found; assumed under 0.5%."}},"priorShares":{"gas-turbines":{"low":0.7,"central":1.9,"high":4,"unit":"percent","basis":"Gas power equipment order value in 2024 (RMB), converted to MW at an assumed USD 250–400 per kW","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T5","locator":"'Gas power generation equipment orders amounted to RMB 3.095 billion (+33.35%...)'; 2024 orders = 3.095 ÷ 1.3335 = RMB 2.321bn"},"note":"Estimate (T5), same method: 2024 orders RMB 2.321bn (derived from the stated growth) are 75% of the 2025 amount, so about 1.08 GW at the same price, 1.9% of the 56.2 GW CY2024 total (McCoy via MHI slide 6); range 0.7% to 4.0%.","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T5","locator":"Release covers energy equipment and gas power orders; no engine generator-set business named"},"note":"Estimate (T5): no engine generator-set business found; held at the CY2025 estimate (under 0.5%)."},"fuel-cells":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T5","locator":"Release covers energy equipment and gas power orders; no fuel cell business named"},"note":"Estimate (T5): no stationary fuel cell business found; held at the CY2025 estimate (under 0.5%)."}},"activityGrowth":{"current":{"low":3095000000,"central":3095000000,"high":3095000000,"unit":"CNY","basis":"Gas power generation equipment orders, calendar year, renminbi","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T2","locator":"'Gas power generation equipment orders amounted to RMB 3.095 billion (+33.35%, USD 454.04 million)'"},"note":"Company statement; includes whatever the company counts as gas power generation equipment (turbines and related equipment). Total new orders RMB 172.81bn (+12.50%)."},"prior":{"low":2321000000,"central":2321000000,"high":2321000000,"unit":"CNY","basis":"Gas power generation equipment orders, calendar year, renminbi","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://kyodonewsprwire.jp/release/202604177684","title":"Shanghai Electric Reports Strong 2025 Performance, New Orders Hit Record High","publisher":"Shanghai Electric (PR Newswire release, via Kyodo News PR Wire)","publishedDate":"2026-04-17","accessedDate":"2026-10-22","tier":"T2","locator":"'(+33.35%)' on RMB 3.095bn"},"note":"Derived: RMB 3.095bn ÷ 1.3335 = RMB 2.321bn. The release gives the growth rate, not the 2024 amount."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17ac56c0a2ce08217b841c231ed43c19b5316855bd49ba9d1ae71915ac8b6883"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17ac56c0a2ce08217b841c231ed43c19b5316855bd49ba9d1ae71915ac8b6883"}}},"baker-hughes":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"baker-hughes","name":"Baker Hughes (NovaLT turbines)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0.5,"central":1.3,"high":2.1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.bakerhughes.com/files/doc_financials/2025/Q4/Baker-Hughes-4Q25-Earnings-Call-Prepared-Remarks-1-25-2025.pdf","title":"Baker Hughes Fourth Quarter 2025 - Earnings Conference Call Prepared Remarks","publisher":"Baker Hughes","publishedDate":"2026-01-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 4: 'booking approximately 2 gigawatts (GW) of orders across oil & gas, industrial and data center markets' (NovaLT); 'Power systems orders increased significantly to $2.5 billion in 2025, including $1 billion tied to data center applications'; 'slot reservation agreement for approximately 1 GW ... which we expect to convert into a firm order in 2026'"},"note":"Estimate (T5) built on a company statement (T2, call of 26 Jan 2026): about 2 GW of NovaLT orders in 2025 across oil and gas, industrial and data-centre uses, and USD 1bn of the USD 2.5bn power systems orders tied to data centres. The card excludes oil and gas turbines (McCoy's total excludes them), so the 2 GW is a ceiling for NovaLT: central 1.3 GW (a data-centre share of the USD 2.5bn power systems orders of about 40% applied to 2 GW plus industrial uses), low 0.5 GW, high 2.1 GW including a few aeroderivative units; 0.5% to 2.1% of 96.1 GW (McCoy via MHI slide 6), central 1.3%. Separately the company says it won orders of about 3 GW for oil and gas power applications in 2025 (excluded). A further 1 GW slot reservation (Q4 2025) is a reservation, not an order, and is not counted. Baker Hughes's 7 GW of BRUSH generators for utility plants are generators for others' turbines, not turbines."},"engines-gensets":{"low":0,"central":0.1,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bakerhughes.com/company/news","title":"Baker Hughes newsroom (listing)","publisher":"Baker Hughes","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Newsroom listing with 2026 releases only; navigation entry 'NovaLT Technology' under Gas Turbines; no 2025 order totals on the page"},"note":"Estimate (T5): NovaLT5 (about 5 MW) and generators for others' turbines are the only items under 10 MW; no figure found, assumed under 1%. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.bakerhughes.com/company/news","title":"Baker Hughes newsroom (listing)","publisher":"Baker Hughes","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Newsroom listing with 2026 releases only; navigation entry 'NovaLT Technology' under Gas Turbines; no 2025 order totals on the page"},"note":"Estimate (T5): no fuel cell product found on the newsroom page; assumed under 0.3%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c69c2c43ffc10a8c97de3224ec4ef3fc2dfa76c7630ce769e4d7fcaab10ead55"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c69c2c43ffc10a8c97de3224ec4ef3fc2dfa76c7630ce769e4d7fcaab10ead55"}}},"langley-holdings":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"langley-holdings","name":"Langley Holdings (Bergen Engines, Piller)","kind":"private","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.langleyholdings.com/","title":"Langley Holdings: Power Solutions Division","publisher":"Langley Holdings plc","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Power Solutions Division: Bergen Engines, Piller Power Systems, Marelli Motori; no gas turbines"}},"engines-gensets":{"low":0.5,"central":1.2,"high":3.5,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.langleyholdings.com/","title":"Langley Holdings: Power Solutions Division","publisher":"Langley Holdings plc","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Power Solutions Division = Bergen Engines, Piller Power Systems, Marelli Motori; 'focused on the rapidly emerging AI data centre sector'; no gas turbines or fuel cells mentioned. Page shows no date"},"note":"Estimate (T5): Bergen gas engines and Piller rotary UPS sets are aimed at AI data centres but the page gives no MW or order; Grand View Research profiles Piller. Assumed 0.5% to 3.5%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.langleyholdings.com/","title":"Langley Holdings: Power Solutions Division","publisher":"Langley Holdings plc","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"No fuel cells on the page"}}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d7bbed340694e081d291c3920d92737b45a6d758375b5ce12b011b89f09a3142"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d7bbed340694e081d291c3920d92737b45a6d758375b5ce12b011b89f09a3142"}}},"yanmar":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"yanmar","name":"Yanmar (incl. Himoinsa)","kind":"private","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.himoinsa.com/","title":"HIMOINSA generator sets","publisher":"HIMOINSA (Yanmar group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Generator set ranges are diesel and gas engines; no gas turbines"}},"engines-gensets":{"low":0.5,"central":1.5,"high":4,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.himoinsa.com/","title":"HIMOINSA generator sets","publisher":"HIMOINSA (Yanmar group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Data centre range: diesel generator sets up to 2617 kVA; gas sets up to 1183 kVA; no gas turbines or fuel cells mentioned. Page shows no date"},"note":"Estimate (T5): HIMOINSA (Yanmar group) lists a data-centre generator range up to 2617 kVA (about 2.1 MW) and is profiled by Grand View Research; no share or order figure. Assumed 0.5% to 4%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.himoinsa.com/","title":"HIMOINSA generator sets","publisher":"HIMOINSA (Yanmar group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"No fuel cells on the page"}}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"221a17b0641b57036c913abe3085300bd5c6ee1147baec0aaa2b9bd59d56524a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"221a17b0641b57036c913abe3085300bd5c6ee1147baec0aaa2b9bd59d56524a"}}},"hitec-power-protection":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"hitec-power-protection","name":"HITEC Power Protection","kind":"private","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.hitec-ups.com/","title":"HITEC Power Protection","publisher":"HITEC Power Protection B.V.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Page covers rotary UPS and power protection; no gas turbines"}},"engines-gensets":{"low":0.3,"central":1,"high":3,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.hitec-ups.com/","title":"HITEC Power Protection","publisher":"HITEC Power Protection B.V.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Data Center is a key market; clients named include NHN Entertainment and Tata; '2200+' systems installed, '3300+' MVA delivered; no gas turbines or fuel cells mentioned. Page shows no date"},"note":"Estimate (T5): the page names data centres as a key market with clients such as NHN Entertainment and Tata and 3,300+ MVA delivered in total; no 2025 figure. Assumed 0.3% to 3%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.hitec-ups.com/","title":"HITEC Power Protection","publisher":"HITEC Power Protection B.V.","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"No fuel cells on the page"}}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cc46e913fb4f419b3676c75b8bba06ec3a16244c72aa834a8c62fc88f09341fd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"cc46e913fb4f419b3676c75b8bba06ec3a16244c72aa834a8c62fc88f09341fd"}}},"yuchai":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"yuchai","name":"China Yuchai International (Yuchai)","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.yuchai.com/","title":"Yuchai engines and power generation","publisher":"China Yuchai","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: engines, generator sets, power generation engines; no gas turbines"}},"engines-gensets":{"low":0.2,"central":1,"high":3,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.yuchai.com/","title":"Yuchai engines and power generation","publisher":"China Yuchai","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Generator sets and power generation engines listed; a fuel cell business is mentioned in new energy; no gas turbines, no data-centre statement. Page shows no date"},"note":"Estimate (T5): generator sets are listed but with no power range and no data-centre statement. Assumed 0.2% to 3%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total.","offBasis":true},"fuel-cells":{"low":0,"central":0.1,"high":1.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.yuchai.com/","title":"Yuchai engines and power generation","publisher":"China Yuchai","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Generator sets and power generation engines listed; a fuel cell business is mentioned in new energy; no gas turbines, no data-centre statement. Page shows no date"},"note":"Estimate (T5): a fuel cell business is mentioned under new energy; no stationary data-centre order found. Assumed under 1.5%."}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"91b25298c38ccb46256ef7389f687d895e45f03178cd0f49309770e8594dc941"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"91b25298c38ccb46256ef7389f687d895e45f03178cd0f49309770e8594dc941"}}},"fuelcell-energy":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"fuelcell-energy","name":"FuelCell Energy","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.fuelcellenergy.com/","title":"FuelCell Energy","publisher":"FuelCell Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products are carbonate fuel cell Block Systems; no turbines"}},"engines-gensets":{"participates":false,"evidence":{"url":"https://www.fuelcellenergy.com/","title":"FuelCell Energy","publisher":"FuelCell Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products are fuel cell systems; no engine sets"}},"fuel-cells":{"low":0.5,"central":3,"high":8,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.fuelcellenergy.com/","title":"FuelCell Energy","publisher":"FuelCell Energy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Carbonate fuel cell Block Systems of 12.5, 2.5 and 1.25 MW; 'Fast-track Power Solutions For Data Centers' headline; no data-centre MW orders, revenue or capacity on the page. Page shows no date"},"note":"Estimate (T5): 12.5, 2.5 and 1.25 MW fuel cell blocks marketed for data centres ('Fast-track Power Solutions For Data Centers'), with no data-centre MW orders, revenue or capacity on the page. Assumed 0.5% to 8% of fuel cells ordered for data centres. commercialActivityVerified is false until a data-centre order in the period is opened."}},"screening":{"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"435c2f3e3f778190489f45574e1eb2233a3218a7ced300b7c02190da24548ad6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"435c2f3e3f778190489f45574e1eb2233a3218a7ced300b7c02190da24548ad6"}}},"everllence":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"everllence","name":"Everllence (formerly MAN Energy Solutions)","kind":"unit","parentId":"volkswagen","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.everllence.com/","title":"Everllence energy products","publisher":"Everllence","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Power generation list: dual fuel, gas and liquid fuel engines, emergency diesel generators, steam turbines, compressors; no gas turbines"}},"engines-gensets":{"low":0.2,"central":0.8,"high":3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.everllence.com/","title":"Everllence energy products","publisher":"Everllence","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Power generation: dual fuel, gas and liquid fuel engines, emergency diesel generators, steam turbines, compressors; data centres named as a market; no gas turbines or fuel cells mentioned. Page shows no date"},"note":"Estimate (T5): the page names data centres as a market but gives no order or MW; Everllence sells medium-speed engines and sets. Assumed 0.2% to 3% of data-centre sets. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total."},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.everllence.com/","title":"Everllence energy products","publisher":"Everllence","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"No fuel cells on the page"}}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b9ad340097d98df4de72ac82a897cfa0deac28e5ff4eca55c6af1d3c14cb65a1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b9ad340097d98df4de72ac82a897cfa0deac28e5ff4eca55c6af1d3c14cb65a1"}}},"kirloskar-oil-engines":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"kirloskar-oil-engines","name":"Kirloskar Oil Engines","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"participates":false,"evidence":{"url":"https://www.kirloskaroilengines.com/","title":"Kirloskar Oil Engines","publisher":"Kirloskar Oil Engines Ltd","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products: Powergen gensets and diesel and industrial engines; no gas turbines"}},"engines-gensets":{"low":0.2,"central":0.8,"high":2.5,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kirloskaroilengines.com/","title":"Kirloskar Oil Engines","publisher":"Kirloskar Oil Engines Ltd","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Powergen gensets (Sentinel, Optiprime, Hybrid, PNG, Microgrid), diesel and industrial engines; 'IT sector' entry says it supplies power for data centres; no gas turbines or fuel cells. Page shows no date"},"note":"Estimate (T5): the page says it supplies power so data centres stay operational but gives no MW or revenue; Grand View Research profiles it. Assumed 0.2% to 2.5%. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis. Share set in the screening pass (light pass in this run): not re-derived against the 25 GW total.","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.kirloskaroilengines.com/","title":"Kirloskar Oil Engines","publisher":"Kirloskar Oil Engines Ltd","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Hydrogen appears only as an alternative fuel option; no fuel cells"}}},"screening":{"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9e3e7af575092b74d32c4efd72a915dd9b74df6d48236e337de6d4c17a0274dd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9e3e7af575092b74d32c4efd72a915dd9b74df6d48236e337de6d4c17a0274dd"}}},"harbin-electric":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"harbin-electric","name":"Harbin Electric","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"low":0.05,"central":0.3,"high":1.2,"unit":"percent","basis":"Gas-power contract value signed in 2025 (RMB), converted to MW at an assumed price per kW","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032603158.pdf","title":"Annual Results Announcement for the year ended 31 December 2025","publisher":"Harbin Electric Company Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T5","locator":"Page 33, New contracts: formal contracts signed RMB 64.630bn; new-type power equipment RMB 43.996bn (coal 24.282bn, hydro 9.408bn, nuclear 8.609bn); page 33, Production: water turbine generators 7,810 MW and steam turbine generators 27,540 MW; page 35, Operating Revenue: gas power equipment RMB 873.35m (-55.26%); page 35, Capital Expenditure: 2026 plan includes a gas turbine infrastructure capacity enhancement project; Note 12 (pages 29-30): joint venture Hatong Gas Turbine (Qinhuangdao) Co., Ltd. (equity method). The filing is T1; the share is 5LayerCake's derivation (T5)"},"note":"Estimate (T5), a judgment bounded by the company's own 2025 filing (annual results announcement, HKEX, 26 March 2026, T1). Formal contracts signed in 2025 were RMB 64.630bn; new-type power equipment was RMB 43.996bn of which coal RMB 24.282bn, hydro RMB 9.408bn and nuclear RMB 8.609bn, which leaves RMB 1.697bn (43.996 - 24.282 - 9.408 - 8.609) for all other new-type power equipment (gas power equipment and anything else); the filing does not split it and gives no gas turbine order or MW figure. Gas power equipment revenue was RMB 873.35m in 2025, down 55.26%. The production table lists only water turbine and steam turbine generators; gas turbines are made through an equity-accounted joint venture, Hatong Gas Turbine (Qinhuangdao) Co., Ltd. (investment income RMB 2.09m in 2025), and a gas turbine capacity project is planned for 2026. Upper bound: if the whole RMB 1.697bn were gas turbines at an assumed RMB 1,500 to 3,000 per kW (a judgment; the filing gives no price) that is 0.57 to 1.13 GW, or 0.6% to 1.2% of the 96.1 GW worldwide total (McCoy via MHI, slide 6), so high 1.2%. Central 0.3% (0.29 GW) is about a quarter of the bound, because the residual also holds other equipment; low 0.05% (about 50 MW) allows a near-absent business. This replaces the screening value of 2.0% (0.5% to 5%): 1.9 GW at RMB 1,500 per kW would cost RMB 2.9bn, more than the whole residual. Global Energy Monitor (Aug 2024, https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under, T5 context) says GE supplies 39% of turbines for plants under construction in China directly or through its Harbin Electric General joint venture, so units made with GE are probably credited to GE Vernova's 29.8 GW in the McCoy tally. The leaders leave about 24 GW (96.1 - 29.8 - 26 - 16 = 24.3) for every other maker, including the Chinese licensees; McCoy may credit licensee units to the licensor.","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032603158.pdf","title":"Annual Results Announcement for the year ended 31 December 2025","publisher":"Harbin Electric Company Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 33 and 35: the product lines reported (coal, hydro, nuclear and gas power equipment; green and low-carbon drive equipment; clean and efficient industrial systems; EPC and trading; modern manufacturing and service) include no engines, generator sets or fuel cells; the production table (page 33) lists only water turbine and steam turbine generators. The filing is T1; the bound is 5LayerCake's judgment (T5)"},"note":"Estimate (T5), a bound: none of the product lines in the company's 2025 results announcement (HKEX, 26 March 2026, T1) is reciprocating engines or generator sets, and its production table lists only turbine generators. The green and low-carbon drive equipment line (RMB 789m of contracts) is not described, so the bound is not set to zero. Assumed 0 to 0.5% (up to about 125 MW of the 25 GW total). Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032603158.pdf","title":"Annual Results Announcement for the year ended 31 December 2025","publisher":"Harbin Electric Company Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T5","locator":"Pages 33 and 35: the product lines reported (coal, hydro, nuclear and gas power equipment; green and low-carbon drive equipment; clean and efficient industrial systems; EPC and trading; modern manufacturing and service) include no engines, generator sets or fuel cells; the production table (page 33) lists only water turbine and steam turbine generators. The filing is T1; the bound is 5LayerCake's judgment (T5)"},"note":"Estimate (T5), a bound: the product lines in the company's 2025 results announcement (HKEX, 26 March 2026, T1) include no fuel cells; the green and low-carbon drive equipment line (RMB 789m of contracts) is not described, so the bound is not set to zero. Assumed under 0.5%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e3b749baa83787382f42e0eea55a647ec1e3d3008ed45171176cca2e9f67f89d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e3b749baa83787382f42e0eea55a647ec1e3d3008ed45171176cca2e9f67f89d"}}},"kawasaki-heavy":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"kawasaki-heavy","name":"Kawasaki Heavy Industries","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"low":0.05,"central":0.4,"high":1.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://global.kawasaki.com/en/energy/","title":"Kawasaki Heavy Industries: Energy","publisher":"Kawasaki Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Gas turbines (case: 30 MW-class CHP) and Green Gas Engines (case: 110 MW distributed plant); fuel cells not mentioned; no data-centre statement. Page shows no date"},"note":"Estimate (T5): Kawasaki sells gas turbines up to about 30 MW (30 MW-class CHP case) and no data-centre order was found. Estimate (T5): no company-specific 2025 order figure found; bounded by the worldwide total of 96.1 GW (McCoy via MHI, slide 6) less the three leaders (about 24 GW left (96.1 - 29.8 - 26 - 16 = 24.3) for every other maker, including the Chinese licensees; McCoy may credit licensee units to the licensor)."},"engines-gensets":{"low":0.05,"central":0.3,"high":1.5,"unit":"percent","basis":"Share of data-centre generator-set value in 2025 (revenue-based estimate; not MW)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://global.kawasaki.com/en/energy/","title":"Kawasaki Heavy Industries: Energy","publisher":"Kawasaki Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Gas turbines (case: 30 MW-class CHP) and Green Gas Engines (case: 110 MW distributed plant); fuel cells not mentioned; no data-centre statement. Page shows no date"},"note":"Estimate (T5): Kawasaki Green Gas Engines (110 MW distributed plant case) and small turbines under 10 MW; no data-centre order found, assumed under 1.5% of data-centre sets. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes).","offBasis":true},"fuel-cells":{"participates":false,"evidence":{"url":"https://global.kawasaki.com/en/energy/","title":"Kawasaki Heavy Industries: Energy","publisher":"Kawasaki Heavy Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Energy page: gas turbines and gas engines; fuel cells not mentioned"}}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1b7dde9a26e8394efc6f82ab0c6176d155b517f71509982b9ea7696ed97b4193"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"1b7dde9a26e8394efc6f82ab0c6176d155b517f71509982b9ea7696ed97b4193"}}},"bhel":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"bhel","name":"Bharat Heavy Electricals (BHEL)","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"low":0.1,"central":0.6,"high":1.1,"unit":"percent","basis":"Gas turbines delivered (units, about 2023–2026), converted to MW at an assumed 40–130 MW per unit","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.modernpowersystems.com/news/bhel-wins-major-gas-turbine-order-for-nigerias-dangote-refinery/","title":"BHEL wins major gas turbine order for Nigeria's Dangote Refinery","publisher":"Modern Power Systems (reporting BHEL's statement)","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"BHEL says it has made gas turbines for over four decades, with nearly 250 units supplied in India and overseas, more than 20% exported; the order is for eight gas turbine generator packages (no rating or value given). Article dated 30 July 2026"},"note":"Estimate (T5), derived from BHEL's own counts of gas turbines supplied. BHEL says (release of 4 July 2023, republished by pv magazine India, https://www.pv-magazine-india.com/press-releases/bhel-extends-gas-turbines-agreement-with-general-electric, T2) that it has supplied about 230 GE-design gas turbines under its licence with GE, in partnership with which it is the market leader for gas turbines in India; and (30 July 2026, the source above, T2) that it has supplied nearly 250 units. The increase is about 20 units in 3.07 years (10 to 24 allowing for rounding), or 6.5 units a year (3 to 8). At an assumed 40 to 130 MW per unit (a judgment spanning small and large frames; no rating is given in any page opened): central 6.5 x 85 MW = 0.55 GW = 0.6% of the 96.1 GW worldwide total (McCoy via MHI, slide 6); low 3 x 40 MW = 0.12 GW = 0.1%; high 8 x 130 MW = 1.04 GW = 1.1%. Units supplied are deliveries, not 2025 orders, and the counts are rounded. BHEL's fiscal year to March 2026 is the closest to CY2025; no BHEL gas turbine order in that year was found (the Dangote award of eight packages, July 2026, falls after it). This replaces the screening value of 0.5% (0.1% to 1.5%), which rested on BHEL's absence from tallies that do not cover Indian makers. www.bhel.com returned a certificate error and was not used (issuer not visible, not bypassed); NTPC's site was not used either. The worldwide total of 96.1 GW (McCoy via MHI, slide 6) less the three leaders (GE Vernova 29.8 GW, Siemens Energy 26 GW, MHI 16 GW) leaves about 24 GW (96.1 - 29.8 - 26 - 16 = 24.3) for every other maker, including the Chinese licensees; McCoy may credit licensee units to the licensor.","offBasis":true},"engines-gensets":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.modernpowersystems.com/news/bhel-wins-major-gas-turbine-order-for-nigerias-dangote-refinery/","title":"BHEL wins major gas turbine order for Nigeria's Dangote Refinery","publisher":"Modern Power Systems (reporting BHEL's statement)","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"BHEL's statements opened describe gas turbine packages only (GE licence; eight gas turbine generator packages for Dangote); no engine or fuel cell product is mentioned. Article dated 30 July 2026"},"note":"Estimate (T5), a bound: the BHEL statements opened describe gas turbines only; no BHEL generator-set or engine business for data centres was found. www.bhel.com returned a certificate error and was not used. Assumed under 0.5% (about 125 MW). Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.05,"high":0.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.modernpowersystems.com/news/bhel-wins-major-gas-turbine-order-for-nigerias-dangote-refinery/","title":"BHEL wins major gas turbine order for Nigeria's Dangote Refinery","publisher":"Modern Power Systems (reporting BHEL's statement)","publishedDate":"2026-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"BHEL's statements opened describe gas turbine packages only (GE licence; eight gas turbine generator packages for Dangote); no engine or fuel cell product is mentioned. Article dated 30 July 2026"},"note":"Estimate (T5), a bound: the BHEL statements opened describe gas turbines only; no stationary fuel cell business was found. www.bhel.com returned a certificate error and was not used. Assumed under 0.5%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ef7751d816ec6bbaf011db14bb8effdda37bb6ac0054874218f1a3e4fef60b0e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ef7751d816ec6bbaf011db14bb8effdda37bb6ac0054874218f1a3e4fef60b0e"}}},"proenergy":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"proenergy","name":"ProEnergy","kind":"private","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0.1,"central":0.5,"high":2,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.proenergyservices.com/","title":"ProEnergy","publisher":"ProEnergy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"PE6000 50 MW aeroderivative gas turbine generator sets; 650 MW / 13 PE6000 solution for Crusoe (April 2026 by the page URL); no 2025 data-centre order listed. Page shows no date"},"note":"Estimate (T5): ProEnergy builds 50 MW PE6000 aeroderivative sets; its 650 MW / 13-unit Crusoe solution is dated April 2026 (outside CY2025) and the page lists no 2025 data-centre order. 2025 volume assumed 0.1 to 1.9 GW (0.1% to 2% of 96.1 GW)."},"engines-gensets":{"participates":false,"evidence":{"url":"https://www.proenergyservices.com/","title":"ProEnergy","publisher":"ProEnergy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The page lists only the 50 MW PE6000; no sets or turbines under 10 MW"}},"fuel-cells":{"participates":false,"evidence":{"url":"https://www.proenergyservices.com/","title":"ProEnergy","publisher":"ProEnergy","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"No fuel cells on the page"}}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ed91db1ff455ce1302a37a14a18012bb698698dcd115ec0daa0c7a77cc380bd4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ed91db1ff455ce1302a37a14a18012bb698698dcd115ec0daa0c7a77cc380bd4"}}},"ihi":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"ihi","name":"IHI (aeroderivative packages, Niigata Power Systems)","kind":"public","commercialActivityVerified":false,"shares":{"gas-turbines":{"low":0.05,"central":0.3,"high":1.5,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ihi.co.jp/ips/english/products_land/land.html","title":"Products - IHI Power Systems Co.,Ltd.","publisher":"IHI Power Systems Co., Ltd. (IHI Group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Land-use products: NIIGATA continuous diesel engines (AHX, HLX series), continuous gas engine, gas turbine standby generator sets; IHI Gas Turbine power generation systems (IM270, LM2500 Series, LM6000 Series, Fast Power 40 package). Page shows no date, ratings or orders"},"note":"Estimate (T5), a judgment. IHI Power Systems' products page (company page, undated) lists IHI gas turbine power generation systems (IM270, LM2500 series, LM6000 series, Fast Power 40 package), so IHI packages aeroderivative turbines; it shows no rating, order or date. IHI is named in no share table or order list opened (Gas Turbine World, MHI/McCoy, Ansaldo coverage), so it is bounded under 1.5% of 96.1 GW (1.4 GW), with central 0.3% (0.29 GW) and low 0.05% (about 50 MW). No company-specific 2025 order figure was found. The worldwide total of 96.1 GW (McCoy via MHI, slide 6) less the three leaders (GE Vernova 29.8 GW, Siemens Energy 26 GW, MHI 16 GW) leaves about 24 GW (96.1 - 29.8 - 26 - 16 = 24.3) for every other maker, including the Chinese licensees; McCoy may credit licensee units to the licensor."},"engines-gensets":{"low":0.04,"central":0.2,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ihi.co.jp/ips/english/products_land/land/gt.html","title":"Gas Turbine - IHI Power Systems Co.,Ltd.","publisher":"IHI Power Systems Co., Ltd. (IHI Group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"NIIGATA CNT series gas turbine standby generator sets, 500 to 6,500 kVA, backup for hospitals, data centers, office buildings and public spaces; diesel oil standard fuel. Page shows no date, units or customers"},"note":"Estimate (T5), a judgment stated directly in MW (no revenue is used). IHI Power Systems (the Niigata engines and turbines business of the IHI Group) lists NIIGATA CNT gas turbine standby generator sets of 500 to 6,500 kVA with data centres among the facilities they back up (page above, undated), and continuous diesel and gas engines (https://www.ihi.co.jp/ips/english/products_land/land.html). Its sample of supply records (https://www.ihi.co.jp/ips/english/case/land.html, 2014 to 2016) shows jobs of one to four sets; the largest data-centre job is four 6,500 kVA sets for an internet data centre in Korea in 2015 (company notice of 16 Nov 2015, https://www.ihi.co.jp/ips/english/whats_new/20151116.html), about 21 MW at an assumed power factor of 0.8 (4 x 6,500 kVA x 0.8 = 20.8 MW). No 2025 order figure is published. Judgment: central 50 MW (about two jobs of that size), low 10 MW (two large sets), high 250 MW (about twelve times the largest listed job): 0.2% (0.04% to 1.0%) of the 25 GW total. Market total for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5; method in the Caterpillar, Cummins and INNIO notes)."},"fuel-cells":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.ihi.co.jp/ips/english/company.html","title":"Company Overview - IHI Power Systems Co.,Ltd.","publisher":"IHI Power Systems Co., Ltd. (IHI Group)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Business lines: diesel engines, gas engines, dual fuel engines, gas turbines, Z-PELLER, power generators, fuel injection equipment, couplings and dampers, foundry parts; no fuel cells. Page shows no sales and no date other than company history"},"note":"Estimate (T5), a bound: the IHI Power Systems company page lists no fuel cells among its business lines. Fuel cell activity elsewhere in the IHI Group was not checked. Assumed under 0.3%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b97f7d56cb8b68318cb4ed58957169ff0d9933c3b97bbd62bf823d5f7f9388e5"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b97f7d56cb8b68318cb4ed58957169ff0d9933c3b97bbd62bf823d5f7f9388e5"}}},"hd-hyundai-heavy-industries":{"schema":"5lc-index-inputs/1","key":"energy-power-equipment","entityId":"hd-hyundai-heavy-industries","name":"HD Hyundai Heavy Industries (HiMSEN engines)","kind":"public","commercialActivityVerified":true,"shares":{"gas-turbines":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"http://www.prnewswire.com/news-releases/hd-hyundai-heavy-industries-to-supply-large-scale-power-generation-systems-to-us-data-centers-302846775.html","title":"HD Hyundai Heavy Industries to Supply Large-Scale Power Generation Systems to U.S. Data Centers","publisher":"HD Hyundai Heavy Industries (PR Newswire)","publishedDate":"2026-08-09","accessedDate":"2026-10-22","tier":"T5","locator":"USD 673.8m contract with Corban Energy Group for 1,000 MW of power generation systems on 9.6 MW HiMSEN engines for data centers of a major U.S. technology company, 'largest-ever order for power generation engines'; April agreement with AEG, USD 425m. No 2025 order, no capacity data"},"note":"Estimate (T5), a bound: HD Hyundai Heavy Industries' releases (PR Newswire, 9 Aug and 10 Sep 2026, T2) describe HiMSEN reciprocating engines (9.6 MW) for power generation and name no gas turbine product. Assumed under 0.3%."},"engines-gensets":{"low":0,"central":0.1,"high":1,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"http://www.prnewswire.com/news-releases/hd-hyundai-heavy-industries-to-supply-large-scale-power-generation-systems-to-us-data-centers-302846775.html","title":"HD Hyundai Heavy Industries to Supply Large-Scale Power Generation Systems to U.S. Data Centers","publisher":"HD Hyundai Heavy Industries (PR Newswire)","publishedDate":"2026-08-09","accessedDate":"2026-10-22","tier":"T5","locator":"USD 673.8m contract with Corban Energy Group for 1,000 MW of power generation systems on 9.6 MW HiMSEN engines for data centers of a major U.S. technology company, 'largest-ever order for power generation engines'; April agreement with AEG, USD 425m. No 2025 order, no capacity data"},"note":"Estimate (T5), a judgment for CY2025. HD Hyundai Heavy Industries says (PR Newswire, 9 Aug 2026, T2) that it signed a USD 673.8m contract with Corban Energy Group for 1,000 MW of power generation systems built on 9.6 MW HiMSEN engines for data centres of a major U.S. technology company, its largest-ever power generation engine order, and that in April it signed a USD 425m agreement with AEG for data-centre power equipment (Korean press, Korea Herald, 10 Aug 2026, https://www.koreaherald.com/article/10836118, T3: 684 MW, KRW 627.1bn, Aperion Energy Group). Its 10 Sep 2026 release (http://www.prnewswire.com/news-releases/hd-hyundai-heavy-industries-to-invest-krw-1-trillion-in-future-engine-and-smr-businesses-302875094.html, T2) calls the two contracts its entry into the U.S. data-centre power market and gives total HiMSEN capacity (marine and land) of 3 GW, rising to 7.2 GW by 2030. Both contracts were signed in 2026, after the CY2025 period, and no 2025 data-centre order appears in the releases or the press opened, so the CY2025 share is set low and the 2026 contracts are not counted against the 2025 total: central 0.1% (25 MW), range 0 to 1.0% (up to 250 MW, allowing orders that were not announced). This replaces the screening value of 0.6% (0.1% to 2.5%), which rested on no company source. MARKET TOTAL for the MW shares of this part (full pass, 22 Oct 2026): 25 GW of generator sets of 1 MW and over and on-site engines ordered for data centres in CY2025, range 15 to 35 GW (T5, 5LayerCake estimate). Method: about 11 GW of backup sets (Grand View Research's USD 9.1bn data-centre generator market for 2025, T4, of which about 55% is sets of 1 MW and over, so about USD 5.0bn, at an assumed USD 0.45m per MW) plus about 14 GW (range 7 to 21 GW) of on-site engine and set orders booked in 2025 (named 2025 announcements: INNIO 2.3 GW with VoltaGrid, 21 Oct 2025; Caterpillar with Joule, 4 GW, 7 Aug 2025, and with Hunt Energy, up to 1 GW, 2025, both agreements rather than firm orders; Wärtsilä 789 MW; Weichai more than 1,400 data-centre sets delivered; the rest unnamed). It replaces the screening range of 11 to 27 GW. Shares derived from revenue, dollars or unit counts rather than MW are flagged off basis."},"fuel-cells":{"low":0,"central":0.02,"high":0.3,"unit":"percent","basis":"Share of capacity ordered in 2025 (MW; calendar year or the fiscal year closest to it)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"http://www.prnewswire.com/news-releases/hd-hyundai-heavy-industries-to-supply-large-scale-power-generation-systems-to-us-data-centers-302846775.html","title":"HD Hyundai Heavy Industries to Supply Large-Scale Power Generation Systems to U.S. Data Centers","publisher":"HD Hyundai Heavy Industries (PR Newswire)","publishedDate":"2026-08-09","accessedDate":"2026-10-22","tier":"T5","locator":"USD 673.8m contract with Corban Energy Group for 1,000 MW of power generation systems on 9.6 MW HiMSEN engines for data centers of a major U.S. technology company, 'largest-ever order for power generation engines'; April agreement with AEG, USD 425m. No 2025 order, no capacity data"},"note":"Estimate (T5), a bound: HD Hyundai Heavy Industries' releases (PR Newswire, 9 Aug and 10 Sep 2026, T2) describe engines only; no fuel cell product is named. Assumed under 0.3%."}},"screening":{"gas-turbines":{"levelLow":1.7,"levelHigh":3.3},"engines-gensets":{"levelLow":1.3,"levelHigh":2.7},"fuel-cells":{"levelLow":1.3,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"96ad9f3a871ae4a4fa76b0fa45e1b9f0a90760eaf50801744300f9cc5cb1e7ca"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"96ad9f3a871ae4a4fa76b0fa45e1b9f0a90760eaf50801744300f9cc5cb1e7ca"}}}},"ratings":{"ge-vernova":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"ge-vernova","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Global Energy Monitor (month-only date): GE Vernova, Siemens Energy and Mitsubishi Power supply about two-thirds of turbines for gas plants under construction."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy data via the paper: 29 large US gas turbines ordered in H1 2026 went to GE (13), Mitsubishi (8), Doosan (7) and Siemens (1); no other maker."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"Doosan is described as a late entrant that commercialised its turbines less than a decade ago, so it is a partial alternative; qualified peers at parity are Siemens Energy and MHI (2-3)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Wood Mackenzie via APPA: lead times about six years; order books sold through 2027; 110 GW of orders against 60-70 GW of yearly capacity."},{"url":"https://www.utilitydive.com/news/mitsubishi-gas-turbine-backlog-earnings/827761/","date":"2026-08-13","support":"MHI's recently booked large-frame orders are scheduled for delivery in 2028-2030."},{"url":"https://www.utilitydive.com/news/siemens-gas-turbine-backlog-nears-70-gw-as-company-expands-manufacturing/827390/","date":"2026-08-10","support":"Siemens Energy CFO: lead times run three years or more; backlog 69 GW. Replacing GE's volume (about 30 GW of 2025 orders) from these sold-out rivals would take more than four years."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"The company says it reaches 20 GW of annual output in Q3 2026 and 24 GW in 2028; backlog and reservations 116 GW."},{"url":"https://www.utilitydive.com/news/siemens-gas-turbine-backlog-nears-70-gw-as-company-expands-manufacturing/827390/","date":"2026-08-10","support":"Siemens Energy, the next-largest maker, expects to deliver about 15-16 GW in 2026 against a 69 GW backlog, so it has no spare capacity to absorb GE's volume."},{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Industry capacity of 60-70 GW a year is far below orders of 110 GW, so the gap without GE would be large though rivals match its technology."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"ge-vernova","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"GE Vernova, Siemens Energy and Mitsubishi Heavy together hold roughly 80% of the global gas turbine market; Chinese makers are said to have 'technological gaps' in high-end heavy-duty turbines (visible text of a partly paywalled article)."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy count of US orders for turbines of 215 MW or more in H1 2026: GE 13, Mitsubishi 8, Doosan 7, Siemens 1 (29 in all). Two alternatives at parity; Doosan has orders but no operating record yet."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"Company says gas equipment backlog plus slot reservations is 116 GW against 20 GW of annual output in Q3 2026 (24 GW in 2028, 30 GW in 2030); about five years of output is already committed."},{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 9: Siemens Energy says its capacity is 'sold out until FY28'. Slides show 'November 2025' only, so the month form is used."},{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"MHI's Q1 FY2026 bookings generally deliver in 2028-2030 (article text); replacement slots at the other makers are also years away."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 9: Siemens Energy, the largest alternative, has capacity of about 22 GW (average FY25-27, incl. combined-cycle steam turbines) rising above 30 GW from FY28; it would need roughly to double output to take over GE's volume."},{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","date":"2026-05-12","support":"Slide 31: MHI booked 35 large-frame units (16 GW) in FY2025 and holds a 74-unit (33 GW) backlog; the other alternative is smaller than GE and fully booked."}]}}}}},"siemens-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"siemens-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Global Energy Monitor (month-only date): GE Vernova, Siemens Energy and Mitsubishi Power supply about two-thirds of turbines for gas plants under construction."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy data via the paper: 29 large US gas turbines ordered in H1 2026 went to GE (13), Mitsubishi (8), Doosan (7) and Siemens (1); no other maker."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"Besides GE and MHI only Doosan, a recent entrant, won US large-turbine orders in H1 2026: few qualified alternatives (2-3)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Wood Mackenzie via APPA: lead times about six years and order books sold through 2027."},{"url":"https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/","date":"2026-04-23","support":"GE Vernova had roughly 10 GW of free slots left across 2029 and 2030 combined; directional lead time about three years."},{"url":"https://www.utilitydive.com/news/mitsubishi-gas-turbine-backlog-earnings/827761/","date":"2026-08-13","support":"MHI's recent orders deliver in 2028-2030 and it is being selective; replacing Siemens Energy's ~26 GW of yearly orders would take more than four years."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"GE Vernova, the best alternative, has 116 GW of backlog and slot reservations against 20 GW of annual output, so little spare capacity."},{"url":"https://www.utilitydive.com/news/mitsubishi-gas-turbine-backlog-earnings/827761/","date":"2026-08-13","support":"MHI's large-frame backlog is 35 GW and it does not plan to take twice as many orders immediately."},{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Global capacity of 60-70 GW a year against 110 GW of orders: a large capacity gap without Siemens Energy, though rivals match its technology."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"siemens-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"The three leaders (GE Vernova, Siemens Energy, Mitsubishi Heavy) hold roughly 80% of the global gas turbine market; Chinese makers lag in high-end heavy-duty models."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy US orders of 215 MW or more in H1 2026: GE 13, Mitsubishi 8, Doosan 7, Siemens 1, so US buyers have been using the other makers."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 9: 'Capacity sold-out until FY28'; slide 4: about 78 GW new-unit backlog. Slides show 'November 2025' only (month form used)."},{"url":"https://www.turbomachinerymag.com/view/steam-turbines-gas-turbine-bottleneck-siemens-energy","date":"2026-09-11","support":"Trade article (Sept 2026) puts Siemens Energy's gas turbine backlog at 69 GW, GE Vernova's at 116 GW with slots into 2029-2030, and Mitsubishi's at 35 GW."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"GE Vernova, the largest alternative, targets 20 GW of annual gas turbine output in Q3 2026 and 24 GW in 2028 (company statement); it cannot absorb Siemens' volume without major added capacity."},{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 4: Siemens Energy ordered about 26 GW (194 gas turbines) in FY2025 and says it was number 1 by McCoy share (company claim); slides show 'November 2025' only."},{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Siemens Energy claims 42% of the market for gas turbines above 100 MW in one quarter (company claim, single quarter), i.e. the alternatives are not larger in the top class."}]}}}}},"bloom":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"bloom","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fuel-cells":{"alternatives":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy ran at about 37.1 MW annualized and signed its first data-centre reservation (75 MW, Texas)."},{"url":"https://www.chemengonline.com/doosan-fuel-cell-and-ceres-begin-production-of-fuel-cell-power-systems","date":"2025-07-28","support":"Doosan's new SOFC factory makes 50 MW a year with initial sales in Korea: one partial alternative, none at parity."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy's expansion to 500 MW of annual capacity is due only by June 2028."},{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom plans to double factory capacity from 1 GW to 2 GW by end-2026 (10-K, EDGAR index date): rivals need 2-4 years to reach its volume."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom's factory capacity is 1 GW, doubling to 2 GW by end-2026."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy targets 100 MW annualized in October 2026, a small fraction of Bloom's."},{"url":"https://www.sec.gov/Archives/edgar/data/0001664703/000162828026050150/ex991_q226financialresults.htm","date":"2026-07-28","support":"Bloom says all major US hyperscalers have approved its power solutions: no alternative at scale."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"bloom","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fuel-cells":{"alternatives":{"level":4,"evidence":[{"url":"https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx","date":"2026-07-28","support":"28 Jul 2026: company says all major US hyperscalers and over a dozen neoclouds have approved its power solutions (company claim)."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"2 Sep 2026: FuelCell Energy has just signed a first 75 MW capacity reservation and a Fit Energy deal for up to 380 MW; production only about 37 MW annualised."},{"url":"https://en.edaily.co.kr/news/eda202609075043","date":"2026-09-07","support":"7 Sep 2026: Doosan Fuel Cell has a 501.4bn won US order (about 140 MW per an analyst estimate), end customer undisclosed; partial alternatives only."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Company plans to double factory capacity from 1 GW to 2 GW by end-2026 (10-K, filed 9 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy's expansion to 500 MW a year is due by June 2028; with Doosan's roughly 350 MW the alternatives total about 850 MW, under half Bloom's 2 GW, so replacing it takes 2-4 years."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"10-K (company view): molten carbonate cells have durability and efficiency disadvantages and phosphoric acid suits combined heat and power; a power-only gap for rivals."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy ran at about 37.1 MW annualised in the quarter to 31 Jul 2026 against Bloom's 1 GW factory."}]}}}}},"mitsubishi-heavy":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"mitsubishi-heavy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Global Energy Monitor (month-only date): GE Vernova, Siemens Energy and Mitsubishi Power supply about two-thirds of turbines for gas plants under construction."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy data via the paper: 29 large US gas turbines ordered in H1 2026 went to GE (13), Mitsubishi (8), Doosan (7) and Siemens (1); no other maker."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"Doosan took 7 of 29 US large orders in H1 2026 as a recent entrant; parity alternatives are GE Vernova and Siemens Energy (2-3)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/","date":"2026-04-23","support":"GE Vernova's directional lead time for new heavy-duty orders is about three years, with about 10 GW of slots left across 2029-2030."},{"url":"https://www.utilitydive.com/news/siemens-gas-turbine-backlog-nears-70-gw-as-company-expands-manufacturing/827390/","date":"2026-08-10","support":"Siemens Energy CFO: lead times three years or more, backlog 69 GW; MHI's ~16 GW of yearly orders could be re-placed in roughly 2-4 years."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"The company says GE Vernova's output rises from 20 GW (Q3 2026) to 24 GW (2028), aiming at 30 GW in 2030: added capacity approaching MHI's volume by about 2030."},{"url":"https://www.utilitydive.com/news/mitsubishi-gas-turbine-backlog-earnings/827761/","date":"2026-08-13","support":"MHI sold 35 large-frame turbines (16 GW) in FY2025 and plans to double capacity versus 2024; rivals match its technology but are sold out, a material gap."}]}},"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce named as the major data-centre generator makers, with Generac and IGSA (Baudouin engines) entering."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"China Energy News names Cummins, Rolls-Royce mtu, Caterpillar, Weichai and Yuchai as data-centre generator suppliers: many (6+) alternatives to MHI's sets."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream global brands quote 8-12 months for data-centre generators (China); domestic makers compete on delivery time."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generac says some of its large sets ship in about 30 weeks; MHI's ~2% share is small enough to re-place within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar plans to roughly triple large reciprocating engine capacity versus 2024; larger rivals offer sets at parity."},{"url":"https://www.rolls-royce.com/media/press-releases/2025/03-06-2025-rr-powers-data-center-growth-with-increased-investment-in-us-manufacturing.aspx","date":"2025-06-03","support":"Rolls-Royce says Mankato mtu Series 4000 genset output rises more than 120% by 2026: no capability gap versus MHI's sets."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"mitsubishi-heavy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Aug 2024 (page shows month and year): GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction; two peers at parity."},{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"Big three hold roughly 80% of the global market; Chinese makers still have technology gaps in high-end heavy-duty units."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"MHI's Q1 FY2026 bookings generally deliver in 2028-2030 and projects under discussion in 2030-2031; GE heavy-duty units shipping 2030-2031 enter service 2032-2033."},{"url":"https://www.mhi.com/finance/library/result/pdf/fy20254q/presentation.pdf","date":"2026-05-12","support":"Slide 31: large-frame contract backlog 74 units (33 GW) at FY2025 end against 35 units (16 GW) ordered in the year; GE and Siemens slots are equally long."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"GE Vernova outputs 20 GW a year (24 GW in 2028), larger than MHI's FY2025 orders of 16 GW (deck slide 31); the best alternative matches MHI's technology and exceeds its scale, but has no spare capacity."},{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","date":"2025-11","support":"Slide 9: Siemens Energy capacity of more than 30 GW from FY28 (incl. steam turbines); sold out until FY28."}]}},"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://w.media/mhi-esa-expands-asia-pacific-presence-with-new-assembly-plant-in-johor-bahru-malaysia/","date":"2025-04-23","support":"Apr 2025: MHI's MGS generator sets for data centres are one of many ranges; a new Malaysian assembly plant is meant to give faster turnaround and availability."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"Data-centre engine orders in 2026 go to Wärtsilä, INNIO/Rehlko, Caterpillar and others, so there are many qualified alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac says its lead times are 40-45 weeks against 70-80 weeks at competitors (company claim); a small volume such as MHI's can move to such a maker within a year."},{"url":"https://w.media/mhi-esa-expands-asia-pacific-presence-with-new-assembly-plant-in-johor-bahru-malaysia/","date":"2025-04-23","support":"New Johor Bahru assembly plant for MGS sets intended to cut turnaround time (article, 23 Apr 2025); no capacity figure given."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Article (page shows no date; likely late Jan 2026) says Caterpillar and Cummins hold most of the high-end large-bore engine market, so alternatives are at least as capable as MHI's range."}]}}}}},"caterpillar":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"caterpillar","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":1,"evidence":[{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"GE LM6000, Mitsubishi FT8, ProEnergy and Boom supply turbine packages for data-centre power."},{"url":"https://www.turbomachinerymag.com/view/baker-hughes-lands-76-unit-novalt16-order-from-dynamis-for-data-center-power","date":"2026-08-11","support":"Baker Hughes NovaLT16 (76 units, ~1.3 GW) competes in the same size class as Solar's Titan 130: many (6+) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"GE says an aeroderivative can be commissioned in about six months."},{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"Trailerized turbine packages deploy quickly; Solar's ~1.5% share could be re-placed within a year (thin evidence on order lead times)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://investors.caterpillar.com/news/news-details/2026/Caterpillar-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx","date":"2026-01-29","support":"Caterpillar says turbines and turbine services increased in Q4 2025 but gives no turbine order volume."},{"url":"https://www.turbomachinerymag.com/view/baker-hughes-lands-76-unit-novalt16-order-from-dynamis-for-data-center-power","date":"2026-08-11","support":"Baker Hughes sells NovaLT16 units of about 17 MW (76 units, ~1.3 GW), comparable to Solar's Titan 130: no capability gap."}]}},"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Wärtsilä, INNIO Jenbacher, Rolls-Royce mtu, Everllence and Volvo Penta are named alongside Caterpillar in data-centre engine plants."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Cummins and Rolls-Royce named with Caterpillar as major data-centre generator makers: several (4-5) at comparable capability."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generator lead times from Caterpillar, Cummins and Rolls-Royce can reach about 107 weeks."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Cummins' high-power backup capacity is booked into 2027-2028; mainstream brands quote 8-12 months in China: replacing Caterpillar's ~26% needs 1-2 years."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar plans to roughly triple large reciprocating engine capacity versus 2024; its large-engine backlog grew more than 3.5x since January 2024."},{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Caterpillar's data-centre deals include 4 GW of G3520K sets for Joule and 2 GW of G3516 sets for AIP."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"China Energy News says Caterpillar targets 65 GW of large reciprocating output; rivals are smaller and booked, a material gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"caterpillar","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://gasturbineworld.com/?p=8684","date":"2026-05-28","support":"28 May 2026: Solar Turbines leads light industrial turbines under 20 MW with Siemens SGT-400; Baker Hughes' NovaLT16 and GE aeroderivatives compete in the same range."},{"url":"https://convergedigest.com/baker-hughes-secures-250-mw-gas-turbine-order-ffor-u-s-ai-data-centers/","date":"2026-02-11","support":"11 Feb 2026: Baker Hughes' Frame 5 order for up to 250 MW shows another maker supplying data-centre turbines of similar size."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://convergedigest.com/baker-hughes-secures-250-mw-gas-turbine-order-ffor-u-s-ai-data-centers/","date":"2026-02-11","support":"Baker Hughes' Feb 2026 order has initial deliveries in 2027, about a year ahead; no lead-time figures given."},{"url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823026000040/ex991toformcat2q2026earnin.htm","date":"2026-08-04","support":"4 Aug 2026: Caterpillar says Power Generation sales rose in turbines as well as large engines on data-centre demand; no turbine capacity figure disclosed."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://gasturbineworld.com/?p=8684","date":"2026-05-28","support":"28 May 2026: Siemens SGT-400 and Baker Hughes NovaLT16 match Solar's light industrial range; GE aeroderivatives took roughly two-thirds of 2025 aeroderivative MW orders."}]}},"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: other data-centre engine orders go to Wärtsilä (412 MW Ohio), INNIO/Rehlko (1.25 GW framework) and Caterpillar (2 GW at one campus); about five qualified makers at this scale."},{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Article (page shows no date; likely Jan 2026) says Caterpillar and Cummins hold most of the global high-end large-bore engine market, with Weichai and others behind."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026-earnings/819078/","date":"2026-05-01","support":"1 May 2026: Caterpillar plans to roughly triple large reciprocating engine capacity versus 2024, investing mainly 2027-2029; its backlog is up more than 3.5x since Jan 2024."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac says its lead times are 40-45 weeks and competitors' 70-80 weeks (company claim, transcript dated by page URL; call held 29 Jul 2026); replacing a market leader's volume takes more than a year."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Cummins is the only other maker named with Caterpillar at the top of the high-end large-bore market, a close but smaller substitute."},{"url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617226000026/cmi2026q28-kex99.htm","date":"2026-08-04","support":"4 Aug 2026: Cummins supplies natural-gas sets for a Texas campus with deliveries 2026-2030 (QSK60, HSK78 platforms); a capable alternative with a multi-year order book."}]}}}}},"cummins":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"cummins","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce are named as major data-centre generator makers, with Generac and IGSA (Baudouin) entering."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"China Energy News names Cummins, Rolls-Royce mtu, Caterpillar, Weichai and Yuchai as data-centre generator suppliers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Cummins' high-power backup generator capacity is scheduled into 2027-2028; mainstream brands quote 8-12 months."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Lead times from Caterpillar, Cummins and Rolls-Royce can reach about 107 weeks: replacing Cummins' ~19% needs 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar, the best alternative, plans to roughly triple large reciprocating engine capacity versus 2024."},{"url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617226000026/cmi2026q28-kex99.htm","date":"2026-08-04","support":"Cummins cites robust data-centre standby orders and new capacity investments; rivals match its sets, a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"cummins","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä, INNIO/Rehlko and Caterpillar are winning large on-site engine orders alongside Cummins; about five makers at this scale."},{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Article (page shows no date) says Caterpillar and Cummins hold most of the global high-end large-bore engine market."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617226000026/cmi2026q28-kex99.htm","date":"2026-08-04","support":"4 Aug 2026: Cummins' Texas gas-set deal for Circe Energy has deliveries 2026-2030; it announced capacity investments in May 2026 for power generation."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Competitors' lead times 70-80 weeks versus Generac's 40-45 (company claim; transcript dated by URL, call 29 Jul 2026); replacing a leader's volume takes over a year."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Caterpillar is the only other maker named as co-leader in high-end large-bore engines; a close substitute at similar scale."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026-earnings/819078/","date":"2026-05-01","support":"1 May 2026: Caterpillar plans to roughly triple large reciprocating engine capacity, but investment runs 2027-2029."}]}}}}},"innio":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"innio","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Wärtsilä, Caterpillar, Rolls-Royce mtu, Everllence and Volvo Penta gas engines also power data-centre plants."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"Wärtsilä and Caterpillar G3500 engines win large data-centre orders alongside Jenbacher: several (4-5) alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.innio.com/en/news-media/press-releases/innio-secures-additional-major-order-from-voltagrid-1-5-gw-for-behind-the-meter-power-generation/","date":"2026-02-11","support":"INNIO's own 1.5 GW VoltaGrid order (300 Jenbacher engines) delivers by 2028."},{"url":"https://www.wartsila.com/media/news/04-02-2026-wartsila-s-financial-statements-bulletin-january-december-2025-3713746","date":"2026-02-04","support":"Wärtsilä's 35% Vaasa capacity expansion is commissioned only in Q1 2028: replacing INNIO's ~11% needs 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar plans to roughly triple large reciprocating capacity and signed a ProPWR deal for up to 2.1 GW of gas sets."},{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Caterpillar's 4 GW Joule deal uses G3520K gas sets: comparable capability, a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"innio","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä (412 MW), Caterpillar (2 GW) and INNIO/Rehlko (1.25 GW) all win large on-site engine orders; about five makers."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: Bergen Engines supplies 36 engines of 11.2 MW to a US AI campus."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","date":"2026-06-03","support":"3 Jun 2026 prospectus: the company targets about a tripling of capacity; data-centre order intake rose from $27m (2023) to $2,282m (2025), so queues are long."},{"url":"https://www.wartsila.com/media/news/29-06-2026-wartsila-secures-new-order-to-power-next-wave-of-ai-driven-data-center-growth-in-the-u-s--3767555","date":"2026-06-29","support":"29 Jun 2026: the best alternative gas-engine order has deliveries from 2029 to 2030."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","date":"2026-06-03","support":"3 Jun 2026 prospectus: about 80% of its data-centre backlog is prime power and 2025 order intake was $2,282m; the prospectus names no competitor figures."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Caterpillar's 2 GW and Wärtsilä's 1.6 GW are the nearest comparable on-site engine volumes; slightly smaller."}]}}}}},"rolls-royce-power-systems":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"rolls-royce-power-systems","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce are named as major data-centre generator makers, with Generac and IGSA (Baudouin) entering."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"China Energy News names Cummins, Rolls-Royce mtu, Caterpillar, Weichai and Yuchai as data-centre generator suppliers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Lead times from Caterpillar, Cummins and Rolls-Royce can reach about 107 weeks."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"mtu's China supply is about 1,000 units a year, below demand; global brands quote 8-12 months: replacing mtu's ~11% needs 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Rolls-Royce says mtu Series 4000 sets back about 25% of global data centres; it is doubling power-generation capacity over 2022-2028."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar plans to roughly triple large engine capacity versus 2024, so the best alternative is larger: a small gap."},{"url":"https://www.rolls-royce.com/media/press-releases/2025/03-06-2025-rr-powers-data-center-growth-with-increased-investment-in-us-manufacturing.aspx","date":"2025-06-03","support":"The company says Mankato mtu Series 4000 genset output rises more than 120% by 2026."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"rolls-royce-power-systems","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä, INNIO/Rehlko and Caterpillar also take data-centre engine orders; Cummins supplies sets (Cummins 8-K, 4 Aug 2026)."},{"url":"https://www.rolls-royce.com/media/press-releases/2026/30-07-2026-rr-holdings-plc-2026-half-year-results.aspx","date":"2026-07-30","support":"30 Jul 2026: Rolls-Royce says Power Systems growth is led by data-centre demand for backup power and Series 4000 engines as prime power."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.rolls-royce.com/media/press-releases/2025/03-06-2025-rr-powers-data-center-growth-with-increased-investment-in-us-manufacturing.aspx","date":"2025-06-03","support":"3 Jun 2025: Rolls-Royce expected Mankato production up more than 120% by 2026 and still growing; capacity has been the limit."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Competitors' lead times 70-80 weeks versus Generac's 40-45 (company claim; transcript dated by URL, call 29 Jul 2026)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Caterpillar and Cummins hold most of the high-end large-bore market per the article (page shows no date), so the best alternatives are larger."},{"url":"https://www.rolls-royce.com/media/press-releases/2026/30-07-2026-rr-holdings-plc-2026-half-year-results.aspx","date":"2026-07-30","support":"30 Jul 2026: guidance for power generation OE revenue growth raised to 25% a year to 2030, showing it is still scaling."}]}}}}},"rehlko":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"rehlko","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce are named as major data-centre generator makers, with Generac and IGSA (Baudouin) entering."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"China Energy News names Cummins, Rolls-Royce mtu, Caterpillar, Weichai and Yuchai as data-centre generator suppliers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Lead times from Caterpillar, Cummins and Rolls-Royce can reach about 107 weeks."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream global brands quote 8-12 months and Cummins is booked into 2027-2028: replacing Rehlko's ~8% needs about 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"Rehlko's 1.25 GW data-centre framework uses INNIO Jenbacher engines, which INNIO also sells directly."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar plans to roughly triple large engine capacity: larger alternatives at parity, a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"rehlko","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Rehlko packages INNIO Jenbacher engines (1.25 GW framework) and other makers (Wärtsilä, Caterpillar) also take on-site orders; many alternatives."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac says competitors have been in market 18 months to 2 years and are well established (company statement)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://biztimes.com/rehlko-capitalizing-on-data-center-growth-with-new-kenosha-facility/","date":"2026-06-07","support":"7 Jun 2026: Rehlko is adding a 160,000 sq ft Kenosha factory; a small volume can be placed with alternatives such as Generac within the year."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac states 40-45 week lead times against competitors' 70-80 (company claim; transcript dated by URL)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://tools.prnewswire.com/en-us/live/20813/release/20260602EN73475","date":"2026-06-02","support":"2 Jun 2026: Generac won a global supply agreement from a leading hyperscale operator after a rigorous qualification process, showing comparable alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617226000026/cmi2026q28-kex99.htm","date":"2026-08-04","support":"4 Aug 2026: Cummins also won a multi-year Texas gas-set deal, deliveries 2026-2030."}]}}}}},"doosan-enerbility":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"doosan-enerbility","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":3,"evidence":[{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"US large-turbine orders in H1 2026 went to GE (13), Mitsubishi (8), Doosan (7) and Siemens (1): three established alternatives at H-class parity."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"GE Vernova, Siemens Energy and Mitsubishi Power hold about two-thirds of turbines for gas plants under construction (month-only date)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.power-eng.com/gas/turbines/data-centers-drive-record-surge-in-ge-vernova-power-equipment-orders-as-turbine-slots-tighten-through-2030/","date":"2026-04-23","support":"GE Vernova's directional lead time for new heavy-duty orders is about three years, with about 10 GW of slots left across 2029-2030."},{"url":"https://www.turbomachinerymag.com/view/doosan-enerbility-ships-first-380-mw-gas-turbine-to-u-s-for-spacexai-project","date":"2026-10-13","support":"Doosan's own March 2026 US order of seven 380 MW units delivers one per month from May 2029; replacements from sold-out rivals would take 2-4 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"Doosan plans 12 gas turbines a year at Changwon by 2028, small next to the three leaders."},{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"The company says GE Vernova's output rises from 20 GW to 24 GW by 2028 and towards 30 GW in 2030: alternatives match capability and exceed Doosan's volume, a small gap."}]}},"fuel-cells":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001664703/000162828026050150/ex991_q226financialresults.htm","date":"2026-07-28","support":"Bloom says all major US hyperscalers and over a dozen neoclouds and colocation operators have approved its power solutions."},{"url":"https://s21.q4cdn.com/256256048/files/doc_news/FuelCell-Energy-and-Fit-Energy-Announce-Strategic-Agreement-for-up-to-380-MW-of-Clean-Power-for-Data-Centers-2026.pdf","date":"2026-06-24","support":"FuelCell Energy signed an agreement for up to 380 MW of fuel-cell power for data centres: few (2-3) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom's 10-K (EDGAR index date) says power can be available within approximately 90 days in certain project scopes."},{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom plans to double factory capacity from 1 GW to 2 GW by end-2026, enough to absorb Doosan's small data-centre volume within months."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom's 1-2 GW yearly factory capacity far exceeds Doosan's data-centre fuel-cell volume."},{"url":"https://www.chemengonline.com/doosan-fuel-cell-and-ceres-begin-production-of-fuel-cell-power-systems","date":"2025-07-28","support":"Doosan's SOFC factory can make 50 MW a year with initial sales in Korea, so the best alternative (Bloom) has no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"doosan-enerbility","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy US orders of 215 MW or more in H1 2026: GE 13, Mitsubishi 8, Doosan 7, Siemens 1; GE, Siemens, Mitsubishi and Ansaldo can serve the same buyers."},{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"GE Vernova, Siemens Energy and Mitsubishi Heavy hold roughly 80% of the global market; Chinese makers lag in high-end heavy-duty models."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026030616392203834","date":"2026-03-06","support":"6 Mar 2026: Doosan will supply seven 380 MW-class turbines for a US data centre, one unit shipped a month from May 2029 (12 US units in total); a buyer losing these slots would find the others booked through 2029-2031."},{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"GE heavy-duty units shipping in 2030-2031 and MHI bookings delivering in 2028-2030 show how long the alternatives' queues are."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://mbiz.heraldcorp.com/article/10894281","date":"2026-10-06","support":"6 Oct 2026: Doosan shipped its first 380 MW DGT6-300H unit to a US AI company; the article reports no field operating record, so the established makers are at least as capable."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy US orders of 215 MW or more in H1 2026: GE 13, Mitsubishi 8, Doosan 7, Siemens 1; the alternatives are larger and longer established."}]}},"fuel-cells":{"alternatives":{"level":3,"evidence":[{"url":"https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx","date":"2026-07-28","support":"28 Jul 2026: Bloom says all major US hyperscalers and over a dozen neoclouds have approved its power solutions; a scaled alternative exists."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"2 Sep 2026: FuelCell Energy signed a 75 MW Texas capacity reservation and a Fit Energy agreement for up to 380 MW; a second, smaller alternative."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026005798/ex991_q42025financialresul.htm","date":"2026-02-05","support":"5 Feb 2026: Bloom reports product backlog of about $6bn, up about 2.5x year on year, so a buyer moving to Bloom joins a long queue."},{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy runs at about 37 MW annualised, targeting 100 MW in October 2026; capacity to take extra volume is small."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom's 10-K (company view) calls phosphoric acid cells better suited to combined heat and power; its own solid oxide systems are the stronger power-only alternative."},{"url":"https://en.edaily.co.kr/news/eda202609075043","date":"2026-09-07","support":"7 Sep 2026: Doosan Fuel Cell has 275 MW a year of phosphoric acid capacity and 50 MW of solid oxide capacity and a 501.4bn won US order (end customer undisclosed)."}]}}}}},"dongfang-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"dongfang-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"China: GE directly or via the Harbin JV holds 39% of turbines under construction, Dongfang nearly 25%; Siemens partners SPIC (month-only date)."},{"url":"https://www.turbomachinerymag.com/view/china-claims-breakthrough-in-independent-manufacture-of-advanced-gas-turbines","date":"2018-12-29","support":"Ansaldo contracted Shanghai Electric Gas Turbine for an H-class GT36 (Minhang); with Harbin-GE and imports, several (4-5) alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Wood Mackenzie via APPA: global lead times about six years and capacity 60-70 GW against 110 GW of orders; Chinese domestic lead times not found (thin evidence)."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"GE serves Chinese plants directly and via Harbin; re-placing Dongfang's ~4.8% would take about 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Harbin-GE has the larger China share (39%) with HA-class technology."},{"url":"https://cpnn.com.cn/waiwenwangzhan/special/202608/t20260831_1912015.html","date":"2026-08-31","support":"Dongfang's own designs reach 550 MW and its G50 is exported, but peers match it: a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"dongfang-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Aug 2024 (month form): Dongfang, MHI's licensee, accounts for nearly 25% of turbines under construction in China; GE (with Harbin) holds 39%."},{"url":"https://english.news.cn/20260828/b5f93a1220fe43e6b442c2deb778af7e/c.html","date":"2026-08-28","support":"28 Aug 2026: Dongfang's independent models cover up to 550 MW and its G50 reached its first export (Kazakhstan); other makers supply the same buyers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://en.jiemian.com/article/14286354.html","date":"undated","support":"Shanghai Electric says its schedule is full through 2027 with new orders into 2028 (page shows no date); a Dongfang buyer would find domestic alternatives booked 1.5-2 years."},{"url":"https://english.news.cn/20260828/b5f93a1220fe43e6b442c2deb778af7e/c.html","date":"2026-08-28","support":"A November 2025 order for three G50 units shipped on 28 Aug 2026, about nine months, for a 50 MW class unit."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"17 Apr 2026: analyst says Chinese makers have technology gaps in high-end heavy-duty turbines; the three Western and Japanese leaders have the stronger technology."},{"url":"https://english.news.cn/20260828/b5f93a1220fe43e6b442c2deb778af7e/c.html","date":"2026-08-28","support":"Dongfang's G50 is a 50 MW F-class unit; larger sizes remain with the established makers."}]}}}}},"weichai-power":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"weichai-power","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"In China, Cummins, Rolls-Royce mtu, Caterpillar and Yuchai also supply data-centre sets; domestic makers rose to over 30% share."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Outside China, Caterpillar, Cummins and Rolls-Royce lead: several (4-5) alternatives at comparable power."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream global brands quote 8-12 months; domestic makers win on price and delivery time."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generac says some of its sets ship in about 30 weeks: Weichai's ~7% could be re-placed within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Foreign brands still hold most of China's data-centre market and customers favour them, so alternatives match Weichai."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar is roughly tripling large engine capacity: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"weichai-power","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Article (page shows no date; likely Jan 2026): Caterpillar and Cummins hold most of the high-end large-bore market; Weichai says its engines are broadly on par and that it has reached high-end data-centre supply in the Americas (brokerage note)."},{"url":"https://www.chinaservicesinfo.com/s/202604/14/WS69ddafaf498e36855033be71/exports-of-chinas-power-generators-up.html","date":"2026-04-14","support":"14 Apr 2026: Chinese makers Weichai, SUMEC and others are exporting data-centre sets (+131.8% in January-February 2026), so many alternatives exist."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.chinaservicesinfo.com/s/202604/14/WS69ddafaf498e36855033be71/exports-of-chinas-power-generators-up.html","date":"2026-04-14","support":"14 Apr 2026: exports of high-capacity data-centre diesel sets rose 131.81% year on year in two months; Weichai's 4.2 MW model goes to the US and Europe."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac says its lead times are 40-45 weeks versus 70-80 at competitors (company claim); a share of Weichai's volume could move within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Article says Caterpillar and Cummins hold most of the global high-end large-bore market; Weichai's own spokesperson says it is only broadly on par."}]}}}}},"ansaldo-energia":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"ansaldo-energia","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Ansaldo's AE64.3A is a 78 MW mid-size F-class unit; Siemens Energy expects more makers to enter the mid-size segment."},{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"GE Vernova LM6000, Mitsubishi FT8 and ProEnergy packages are supplied for data-centre power, alongside the large-frame leaders: several (4-5) alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"GE says an aeroderivative can be commissioned in about six months, while heavy-duty units shipping 2030-31 enter service 2032-33."},{"url":"https://www.utilitydive.com/news/siemens-gas-turbine-backlog-nears-70-gw-as-company-expands-manufacturing/827390/","date":"2026-08-10","support":"Siemens Energy's mid-size capacity is 80 units, rising to about 100 by 2028; Ansaldo's ~3% share could be re-placed in about 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Ansaldo's US return is an eight-unit, ~624 MW order with first deliveries in 2027; rivals' backlogs (GE 116 GW, Siemens 95 GW) dwarf it."},{"url":"https://www.utilitydive.com/news/siemens-gas-turbine-backlog-nears-70-gw-as-company-expands-manufacturing/827390/","date":"2026-08-10","support":"Siemens Energy adds medium-size turbine lines, so rivals exceed Ansaldo in capability and capacity; the gap is small."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"ansaldo-energia","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Eight AE64.3A units for Pacifico Energy are Ansaldo's first new US power sale in over 30 years; US buyers otherwise use GE, Siemens, MHI and Doosan."},{"url":"https://biz.heraldcorp.com/article/10883205","date":"2026-09-25","support":"McCoy US orders of 215 MW or more in H1 2026: GE 13, Mitsubishi 8, Doosan 7, Siemens 1; Ansaldo not among them, so four or five other makers serve the same buyers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Ansaldo's first deliveries are 2027; Siemens plans mid-sized units rising from about 50 (FY2025) to about 100 (FY2028) and large-frame slots run to 2028-2030, so a buyer replacing Ansaldo's units waits one to two years or more."},{"url":"https://gasturbineworld.com/?p=8684","date":"2026-05-28","support":"May 2026: GE's LM2500+ and LM6000 aeroderivatives took roughly two-thirds of 2025 aeroderivative MW orders, a shorter-lead alternative for the smaller sizes."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://en.ilsole24ore.com/art/ansaldo-profit-20-million-and-orders-up-24-per-cent-AIFJpjHC","date":"2026-04-01","support":"Ansaldo's 2025 orders were EUR 2.3bn and revenue EUR 1.2bn (company figures, 1 Apr 2026); the best alternatives (GE, Siemens, MHI) match its range and are far larger."},{"url":"https://www.sec.gov/Archives/edgar/data/0001996810/000199681026000147/gevpressrelease2q26.htm","date":"2026-07-22","support":"GE Vernova alone outputs 20 GW a year; Ansaldo's volume is a small fraction of any major alternative's."}]}}}}},"wartsila":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"wartsila","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"INNIO J920, Everllence 51/60DF, Caterpillar and Rolls-Royce engines also serve data-centre engine plants."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"Bergen ships 36 B36:45 gas engines of 11.2 MW for a 400 MW US AI data-centre project: several (4-5) medium-speed alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.innio.com/en/news-media/press-releases/innio-secures-additional-major-order-from-voltagrid-1-5-gw-for-behind-the-meter-power-generation/","date":"2026-02-11","support":"INNIO's 1.5 GW VoltaGrid order delivers by 2028."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"Bergen shipped its first engines in late 2025 and expects all 36 sets by end-2026: 1-2 years to re-place Wärtsilä's ~0.9 GW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"INNIO J920 FleXtra and Everllence dual-fuel engines match Wärtsilä's multi-MW gas engines."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"Bergen's 11.2 MW engines are of comparable size: no material capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"wartsila","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä's 412 MW Ohio order sits beside INNIO/Rehlko 1.25 GW and Caterpillar 2 GW; four or five makers supply large on-site gas engines."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: Bergen Engines is supplying 36 gas engines of 11.2 MW (up to 400 MW) to a US AI campus, another large-bore alternative."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.wartsila.com/media/news/29-06-2026-wartsila-secures-new-order-to-power-next-wave-of-ai-driven-data-center-growth-in-the-u-s--3767555","date":"2026-06-29","support":"29 Jun 2026: a EUR 292m order for 34SG engines has deliveries from 2029 to 2030; engine queues for on-site gas power run years."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"Wärtsilä's Ohio engine deliveries are timed to an early-2028 operation date (16 Apr 2026)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä has 1.6 GW of US data-centre engines over four projects; Caterpillar alone has 2 GW at one campus and INNIO/Rehlko 1.25 GW, so alternatives are at least as large."},{"url":"https://www.sec.gov/Archives/edgar/data/2109150/000119312526256992/liberty_-_424b4.htm","date":"2026-06-03","support":"3 Jun 2026 prospectus: INNIO reports $2,282m of data-centre equipment order intake in 2025."}]}}}}},"generac":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"generac","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce are established; IGSA Power also sells Baudouin-engine sets like Generac's."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Cummins, mtu, Caterpillar, Weichai and Yuchai also supply data-centre sets: many (6+) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generac is in pilot phases with two hyperscalers ahead of 2027-2028 volumes; $400m backlog (publisher discloses a long Generac position)."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream brands quote 8-12 months: Generac's ~3% could be re-placed within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generac's 2.25-3.25 MW sets use Baudouin M55 engines, also used by IGSA; incumbents offer equivalent sets."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar is roughly tripling large engine capacity: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"generac","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Company says competitors have been in market for 18 months to 2 years and are well established; several makers already supply hyperscalers."},{"url":"https://www.datacenterfrontier.com/energy/article/55407678/amazon-generac-deal-puts-backup-power-in-the-ai-infrastructure-spotlight","date":"2026-09-24","support":"24 Sep 2026: Amazon's $2.4bn initial supply deal with Generac sits in a market with a 'global supply shortfall' for large diesel generators, other makers also supplying."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Company says its lead times are 40-45 weeks versus 70-80 at competitors; a small volume such as Generac's can be placed elsewhere in roughly 12-18 months."},{"url":"https://tools.prnewswire.com/en-us/live/20813/release/20260602EN73475","date":"2026-06-02","support":"2 Jun 2026: its own hyperscale qualification involved multiple factory visits and audits (duration not stated)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Company says its large-megawatt product is 'very competitive on all specs' with products already in market; competitors match it."},{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026-earnings/819078/","date":"2026-05-01","support":"1 May 2026: Caterpillar plans to triple large engine capacity; larger alternatives exist."}]}}}}},"shanghai-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"shanghai-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"In China GE (directly or via Harbin) holds 39% and Dongfang nearly 25% of turbines under construction (month-only date)."},{"url":"https://www.turbomachinerymag.com/view/china-claims-breakthrough-in-independent-manufacture-of-advanced-gas-turbines","date":"2018-12-29","support":"SPIC develops its own heavy-duty turbine with Siemens and Ansaldo support: several (4-5) alternatives to Shanghai Electric."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Wood Mackenzie via APPA: global lead times about six years and capacity 60-70 GW against 110 GW of orders; Chinese domestic lead times not found (thin evidence)."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Harbin-GE and Dongfang-MHI already supply most Chinese plants; re-placing Shanghai Electric's ~1.5% would take about 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.turbomachinerymag.com/view/china-claims-breakthrough-in-independent-manufacture-of-advanced-gas-turbines","date":"2018-12-29","support":"Shanghai Electric Gas Turbine works with Ansaldo technology (GT36 contract), which Ansaldo can also supply."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Larger Chinese peers hold most of the market: a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"shanghai-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://en.jiemian.com/article/14286354.html","date":"undated","support":"Shanghai Electric Gas Turbine is a JV with Ansaldo (40% stake bought in 2014); at home Dongfang, Harbin and imports are the other sources (page shows no date)."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Aug 2024 (month form): GE (with Harbin) 39% and Dongfang nearly 25% of turbines under construction in China."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://en.jiemian.com/article/14286354.html","date":"undated","support":"Executive says production schedule is full through 2027 and new orders reach into 2028 (page shows no date); alternatives are booked 1.5-2 years out."},{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"Abroad, GE and MHI large-frame slots run to 2028-2031, so overseas replacement is slower still."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://en.jiemian.com/article/14286354.html","date":"undated","support":"Article says domestic turbines still trail international products in efficiency and operating hours (page shows no date)."},{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"17 Apr 2026: analyst cites technology gaps in high-end heavy-duty gas turbines versus Western and Japanese leaders."}]}}}}},"baker-hughes":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"baker-hughes","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":1,"evidence":[{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"Data-centre turbine supply includes GE LM6000, Mitsubishi FT8 MOBILEPAC, ProEnergy packages and Boom's 42 MW Superpower."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"ProEnergy (13 PE6000 sets, 650 MW for Crusoe) and engine makers serve the same on-site role: many (6+) alternatives to NovaLT."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.powermag.com/ansaldo-us-gas-turbine-market-equipment-crunch/","date":"2026-09-01","support":"GE says an aeroderivative unit can be commissioned in about six months after delivery."},{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"Trailerized aeroderivative packages are delivered and commissioned much faster than large plants; order lead times for small turbines were not found (thin evidence)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.turbomachinerymag.com/view/baker-hughes-lands-76-unit-novalt16-order-from-dynamis-for-data-center-power","date":"2026-08-11","support":"Dynamis ordered 76 NovaLT16 units (~1.3 GW, about 17 MW each) for data-centre and oil and gas power."},{"url":"https://investors.bakerhughes.com/files/doc_financials/2025/Q4/Baker-Hughes-4Q25-Earnings-Call-Prepared-Remarks-1-25-2025.pdf","date":"undated","support":"Baker Hughes says NovaLT booked about 2 GW in 2025 across oil and gas, industrial and data centres (page undated)."},{"url":"https://www.datacenterfrontier.com/energy/article/55358731/aeroderivative-turbines-move-to-the-center-of-ai-data-center-power-strategy","date":"2026-02-25","support":"Rivals supply comparable 40-50 MW aeroderivative packages (LM6000, FT8, ProEnergy): no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"baker-hughes","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://gasturbineworld.com/?p=8684","date":"2026-05-28","support":"28 May 2026: Solar Turbines and Siemens SGT-400 lead under 20 MW and NovaLT16 is gaining ground; GE's LM2500+ and LM6000 aeroderivatives take roughly two-thirds of 2025 aeroderivative MW orders."},{"url":"https://convergedigest.com/baker-hughes-secures-250-mw-gas-turbine-order-ffor-u-s-ai-data-centers/","date":"2026-02-11","support":"11 Feb 2026: Baker Hughes Frame 5 order for up to 250 MW; the same buyers can use GE, Solar, Siemens or Kawasaki machines."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://convergedigest.com/baker-hughes-secures-250-mw-gas-turbine-order-ffor-u-s-ai-data-centers/","date":"2026-02-11","support":"11 Feb 2026 order for 10 Frame 5 turbines with initial deliveries in 2027, about a year ahead; no lead-time figures given, so the level reflects delivery dates only."},{"url":"https://s21.q4cdn.com/548121662/files/doc_earnings/2026/q2/transcript/Baker-Hughes-2Q26-Earnings-Call-Prepared-Remarks.pdf","date":"2026","support":"Q2 2026 call remarks (transcript shows no date; year used): the company is expanding turbine and generator capacity, coming online by 2029."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://gasturbineworld.com/?p=8684","date":"2026-05-28","support":"28 May 2026: Solar Turbines (Taurus, Mars, Titan) and Siemens Energy's SGT-400 are the established light industrial leaders; they match NovaLT's class."},{"url":"https://s21.q4cdn.com/548121662/files/doc_earnings/2026/q2/transcript/Baker-Hughes-2Q26-Earnings-Call-Prepared-Remarks.pdf","date":"2026","support":"Q2 2026 remarks (year used): awards of about 1.3 GW (Dynamis) and 1 GW (Kodiak) show scale, but GE aeroderivatives are larger in this size range."}]}}}}},"langley-holdings":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"langley-holdings","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Wärtsilä, INNIO J920 and Everllence medium-speed gas engines also power data-centre plants."},{"url":"https://www.datacenterfrontier.com/energy/article/11430964/voices-of-the-industry","date":"2016-12-29","support":"Euro-Diesel, Hitec, Piller and Hitzinger all offer diesel rotary UPS designs: several (4-5) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream generator brands quote 8-12 months."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"Bergen's ~1.2% share (a 400 MW US project) is small; peers' engines deliver on similar timelines, so re-placement within about a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.powermag.com/engine-power-plants-surge-as-data-centers-drive-unprecedented-demand/","date":"2026-03-02","support":"Wärtsilä 34SG/50SG and INNIO J920 engines match Bergen's B36:45 (11.2 MW)."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"Bergen's units are 11.2 MW gas gensets of standard class: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"langley-holdings","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä, INNIO/Rehlko and Caterpillar also supply large on-site gas engines; four or five makers at Bergen's scale."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: Bergen's 36 B36:45 engines of 11.2 MW (up to 400 MW) compete with these makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: first engines shipped Dec 2025 and all 36 sets are due by end-2026; Bergen says it is ramping capacity after over $1bn of orders in December alone."},{"url":"https://www.wartsila.com/media/news/29-06-2026-wartsila-secures-new-order-to-power-next-wave-of-ai-driven-data-center-growth-in-the-u-s--3767555","date":"2026-06-29","support":"29 Jun 2026: a Wärtsilä order has deliveries from 2029 to 2030, so replacement queues are long."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: Wärtsilä 412 MW, INNIO/Rehlko 1.25 GW and Caterpillar 2 GW exceed Bergen's 400 MW project; larger alternatives exist."}]}}}}},"yanmar":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"yanmar","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce lead data-centre generator supply, with Generac and IGSA entering."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Cummins, mtu, Caterpillar, Weichai and Yuchai also supply data-centre sets: many (6+) alternatives to Himoinsa."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Generac says some of its large sets ship in about 30 weeks."},{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream brands quote 8-12 months: Yanmar's ~1.5% re-placed within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026/819078/","date":"2026-05-01","support":"Caterpillar is roughly tripling large engine capacity versus 2024."},{"url":"https://www.rolls-royce.com/media/press-releases/2025/03-06-2025-rr-powers-data-center-growth-with-increased-investment-in-us-manufacturing.aspx","date":"2025-06-03","support":"Rolls-Royce says mtu genset output at Mankato rises more than 120% by 2026: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"yanmar","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://www.rermag.com/news-analysis/headline-news/news/55370022/yanmar-expands-generator-production-with-new-japan-factory-to-meet-power-demand","date":"2026-04-10","support":"10 Apr 2026: Yanmar's range is about 2,000 kVA now (3,000 kVA from FY2026); data-centre sets of this size are also made by many rivals."},{"url":"https://www.power-eng.com/gas/data-center-power-crunch-lifts-engines-aeroderivatives-into-larger-role/","date":"2026-04-16","support":"16 Apr 2026: data-centre engine orders are going to Wärtsilä, INNIO/Rehlko and Caterpillar as well."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.rermag.com/news-analysis/headline-news/news/55370022/yanmar-expands-generator-production-with-new-japan-factory-to-meet-power-demand","date":"2026-04-10","support":"10 Apr 2026: Yanmar's new Kitakyushu factory for large sets starts in 2028, so its own supply is limited; buyers can use alternatives within a year."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac says its lead times are 40-45 weeks versus 70-80 at competitors (company claim)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.chinaservicesinfo.com/s/202604/14/WS69ddafaf498e36855033be71/exports-of-chinas-power-generators-up.html","date":"2026-04-14","support":"14 Apr 2026: Weichai's 4.2 MW model is exported to the US and Europe, above Yanmar's current 2,000 kVA class; larger-set rivals are at least as capable."}]}}}}},"hitec-power-protection":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"hitec-power-protection","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":2,"evidence":[{"url":"https://www.datacenterfrontier.com/energy/article/11430964/voices-of-the-industry","date":"2016-12-29","support":"Euro-Diesel, Piller and Hitzinger offer diesel rotary UPS like Hitec's; static UPS with batteries is the common alternative (several)."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Standard backup sets from Caterpillar, Cummins and Rolls-Royce are also available."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream generator brands quote 8-12 months: Hitec's ~1% re-placed within a year (thin evidence on rotary UPS lead times)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.datacenterfrontier.com/energy/article/11430964/voices-of-the-industry","date":"2016-12-29","support":"Rotary UPS peers offer the same function; conventional UPS plus generator designs are an established option: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"hitec-power-protection","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://www.constructionenquirer.com/?p=87644","date":"undated","support":"Company profile (page shows no date): says it is the DRUPS market leader with over 1,000 units installed; other rotary UPS makers and conventional UPS plus generator designs are alternatives (thin evidence)."},{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: Langley's Piller supplies SHIELDEX stabilisation modules for AI campuses, a direct rotary-UPS alternative."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.constructionenquirer.com/?p=87644","date":"undated","support":"Company profile (page shows no date): DRUPS systems are built in the Netherlands, 250 units installed in the UK; no capacity or lead-time data (thin evidence)."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac states 40-45 week lead times versus 70-80 for competitors (company claim); a small volume can be re-sourced within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.modernpowersystems.com/news/bergen-ships-first-engines-for-400-mw-us-ai-project/","date":"2026-02-03","support":"3 Feb 2026: Piller (Langley) and Marelli alternators are deployed with AI-campus engines; comparable alternatives exist."}]}}}}},"yuchai":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"yuchai","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Cummins, Rolls-Royce mtu, Caterpillar and Weichai also supply China's data-centre sets."},{"url":"https://newsletter.hntrbrk.com/p/buried-in-stargates-permits-a-generator","date":"2026-02-23","support":"Caterpillar, Cummins and Rolls-Royce lead elsewhere, with Generac and IGSA entering: many (6+) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Mainstream brands quote 8-12 months; domestic makers compete on delivery: Yuchai's ~1% re-placed within a year."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://paper.people.com.cn/zgnyb/pc/content/202608/24/content_30177406.html","date":"2026-08-24","support":"Customers still favour long-established overseas brands, which match Yuchai's sets: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"yuchai","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"engines-gensets":{"alternatives":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/news-releases/china-yuchai-international-announces-unaudited-2025-second-half-year-and-full-year-financial-results-302695556.html","date":"2026-02-24","support":"24 Feb 2026: combined MTU Yuchai Power and Yuchai-branded engine sales to data centres exceeded 2,000 units in 2025 (up from 750); many other makers supply the same buyers."},{"url":"https://www.chinaservicesinfo.com/s/202604/14/WS69ddafaf498e36855033be71/exports-of-chinas-power-generators-up.html","date":"2026-04-14","support":"14 Apr 2026: Weichai, SUMEC and other Chinese makers also export data-centre sets."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.prnewswire.com/news-releases/china-yuchai-international-announces-unaudited-2025-second-half-year-and-full-year-financial-results-302695556.html","date":"2026-02-24","support":"24 Feb 2026: the release gives no domestic/export split for the combined Yuchai-brand and MTU JV data-centre engines; a small volume can be reallocated to other makers (thin evidence)."},{"url":"https://fool.com/earnings/call-transcripts/2026/08/07/generac-gnrc-q2-2026-earnings-call-transcript","date":"2026-08-07","support":"Generac states 40-45 week lead times versus 70-80 for competitors (company claim; transcript dated by URL)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://m.jiemian.com/article/13929204.html","date":"undated","support":"Caterpillar and Cummins hold most of the high-end large-bore engine market per the article (page shows no date); alternatives are at least as capable."}]}}}}},"fuelcell-energy":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"fuelcell-energy","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fuel-cells":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001664703/000162828026050150/ex991_q226financialresults.htm","date":"2026-07-28","support":"Bloom says all major US hyperscalers and over a dozen neoclouds and colocation operators have approved its power solutions."},{"url":"https://www.chemengonline.com/doosan-fuel-cell-and-ceres-begin-production-of-fuel-cell-power-systems","date":"2025-07-28","support":"Doosan began SOFC mass production at 50 MW a year aimed at data centres: few (2-3) alternatives."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom says power can be available within approximately 90 days in certain project scopes."},{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom doubles capacity to 2 GW by end-2026, enough to cover FuelCell Energy's ~3% within months."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0000886128/000110465926104498/fcel-20260902xex99d1.htm","date":"2026-09-02","support":"FuelCell Energy produced at about 37.1 MW annualized in its fiscal Q3 2026."},{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"Bloom's 1-2 GW factory capacity exceeds it many times: no capability gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"fuelcell-energy","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fuel-cells":{"alternatives":{"level":3,"evidence":[{"url":"https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx","date":"2026-07-28","support":"28 Jul 2026: Bloom is approved by all major US hyperscalers (company claim); a fully scaled alternative."},{"url":"https://en.edaily.co.kr/news/eda202609075043","date":"2026-09-07","support":"7 Sep 2026: Doosan Fuel Cell has 275 MW a year of phosphoric acid capacity; end customer of its latest order undisclosed."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026005798/ex991_q42025financialresul.htm","date":"2026-02-05","support":"5 Feb 2026: Bloom's product backlog is about $6bn, up about 2.5x year on year; moving volume to Bloom means joining a long queue."},{"url":"https://en.edaily.co.kr/news/eda202609075043","date":"2026-09-07","support":"Doosan's expansion adds one PAFC line, to about 350 MW a year; deliveries 'in earnest' from 2027."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","date":"2026-02-09","support":"10-K (company view): molten carbonate has durability and efficiency disadvantages, so the best alternative (Bloom's solid oxide) is at least as capable as FuelCell Energy's."}]}}}}},"everllence":{},"kirloskar-oil-engines":{},"harbin-electric":{"a":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"harbin-electric","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"In China GE supplies 39% of turbines under construction directly or via the Harbin Electric JV, and MHI's partner Dongfang nearly 25% (month-only date)."},{"url":"https://cpnn.com.cn/waiwenwangzhan/special/202608/t20260831_1912015.html","date":"2026-08-31","support":"Dongfang says its own designs now cover capacities up to 550 MW; with Shanghai Electric and direct imports, several (4-5) alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.publicpower.org/periodical/article/gas-turbine-market-will-see-prices-surge-through-2027-report","date":"2026-04-01","support":"Wood Mackenzie via APPA: global lead times about six years and capacity 60-70 GW against 110 GW of orders; Chinese domestic lead times not found (thin evidence)."},{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"GE, Harbin's licensor, already supplies Chinese plants directly; re-placing Harbin's ~2% would take about 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Harbin's units overlap GE's own China volume; the licensor offers the same technology."},{"url":"https://cpnn.com.cn/waiwenwangzhan/special/202608/t20260831_1912015.html","date":"2026-08-31","support":"Dongfang exports its own F-class G50 and builds larger units: a small gap."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"energy-power-equipment","entityId":"harbin-electric","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"gas-turbines":{"alternatives":{"level":2,"evidence":[{"url":"https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under","date":"2024-08","support":"Aug 2024 (month form): in China GE supplies 39% of turbines under construction directly or via the Harbin Electric General JV; Dongfang (MHI's partner) nearly 25%; other makers share the rest."},{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"Certification and local-protection barriers favour established foreign suppliers abroad; at home Chinese buyers can use Dongfang, Shanghai Electric or imports."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://en.jiemian.com/article/14286354.html","date":"undated","support":"Shanghai Electric's executive says its production schedule is filled through 2027 and new orders reach into 2028 (page shows no date); domestic alternatives are booked 1.5-2 years out."},{"url":"https://english.news.cn/20260828/b5f93a1220fe43e6b442c2deb778af7e/c.html","date":"2026-08-28","support":"28 Aug 2026: Dongfang's first export, three G50 units ordered Nov 2025, shipped Aug 2026, about nine months, for a small 50 MW class."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.caixinglobal.com/2026-04-17/in-depth-chinas-power-equipment-makers-ride-ai-infrastructure-boom-102435204.html","date":"2026-04-17","support":"17 Apr 2026: Chinese makers still have 'technological gaps' in high-end heavy-duty turbines; GE, Siemens and Mitsubishi lead with better high-temperature technology."}]}}}}},"kawasaki-heavy":{},"bhel":{},"proenergy":{},"ihi":{},"hd-hyundai-heavy-industries":{}},"validation":[{"id":"energy-power-equipment-ge-vernova-gas-turbine-backlog","key":"energy-power-equipment","entityId":"ge-vernova","description":"Since 2025, GE Vernova's heavy-duty gas turbine output has been committed years ahead, with data-centre demand a named driver. Gas equipment backlog plus slot reservations rose from 62 to 83 GW during Q4 2025 and to 116 GW by mid-2026, against about 20 GW a year of output. Industry backlogs stretch past 2029.","sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000012/gevpressrelease4q25.htm","title":"GE Vernova fourth quarter and full year 2025 results (Form 8-K exhibit)","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T1","locator":"Highlights: 'Gas Power equipment backlog and slot reservation agreements grew from 62 to 83 GW'; Power: 41 heavy-duty units ordered in Q4 2025."},{"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000147/gevpressrelease2q26.htm","title":"GE Vernova second quarter 2026 results (Form 8-K exhibit)","publisher":"GE Vernova / U.S. SEC","publishedDate":"2026-07-22","accessedDate":"2026-10-22","tier":"T1","locator":"'Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW'; CEO: 'on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028'; 'data center orders reaching over $5 billion year-to-date'."},{"url":"https://www.datacenterdynamics.com/en/news/gas-turbine-manufacturers-struggling-to-meet-surging-demand-from-data-centers-report/","title":"Gas turbine manufacturers struggling to meet surging demand from data centers - report","publisher":"DatacenterDynamics (citing CTVC 'Gas Turbine Gridlock' report)","publishedDate":"2025-03-24","accessedDate":"2026-10-22","tier":"T3","locator":"GE Vernova, Siemens and Mitsubishi Heavy Industries 'currently produce the majority of gas turbines globally'; backlogs 'beginning to stretch past 2029'; makers 'struggling to keep up with demand from the data center sector'."}]},{"id":"energy-power-equipment-siemens-energy-gas-turbine-sold-out","key":"energy-power-equipment","entityId":"siemens-energy","description":"In November 2025, Siemens Energy said its gas turbine production capacity was sold out until fiscal 2028. It reported about 78 GW of new-unit backlog and the largest share of FY2025 gas turbine orders, with US data-centre programmes among the named orders.","sources":[{"url":"https://assets.siemens-energy.com/dam/5fc093ca-4fd8-482c-8390-b39b004f66f3/251120_CMD-2025_Gas_Services_FINAL-pdf_Original%20file.pdf","title":"Capital Markets Day 2025: Gas Services (Karim Amin)","publisher":"Siemens Energy","publishedDate":"2025-11-20","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 9: 'Capacity sold-out until FY28' (+30% capacity plan). Slide 4: '~78 GW New unit backlog'; '#1 in FY25 Market share' (McCoy, gas turbines >10 MW excl. oil and gas); 'Williams Data Centers, US Powering AI – 5 GW'."},{"url":"https://www.datacenterdynamics.com/en/news/gas-turbine-manufacturers-struggling-to-meet-surging-demand-from-data-centers-report/","title":"Gas turbine manufacturers struggling to meet surging demand from data centers - report","publisher":"DatacenterDynamics (citing CTVC 'Gas Turbine Gridlock' report)","publishedDate":"2025-03-24","accessedDate":"2026-10-22","tier":"T3","locator":"Names GE Vernova, Siemens and Mitsubishi Heavy Industries as producing 'the majority of gas turbines globally'; backlogs 'beginning to stretch past 2029'."}]}]}