As every first Saturday of each month, welcome to this month’s edition of the GasTurbineHub Newsletter!

In today’s newsletter:

📈 Top 10 Energy Giants –  Market Cap, Operating Margin, and Return on Investment.
🏭 Gas Turbine New Installations – Latest updates on projects and deployments.
⚙️ Gas Turbine Technology Developments – Innovations driving efficiency and performance.
🔥 Hydrogen Gas Turbines – Advancements in hydrogen-powered solutions.
🌍 Carbon Capture and Sequestration Projects – Key progress in reducing emissions.
📅 2025 Events Calendar – Upcoming industry events and opportunities to connect.

Let’s jump right in!  

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Top 10 Energy Giants

The global energy sector is undergoing a profound transformation—driven by geopolitical shifts, the energy transition, and accelerating demand in emerging markets. Amidst this turbulence, the largest energy companies continue to dominate the landscape, not only by sheer market capitalization but by the strategic balance they strike between returns, resilience, and reinvention.

In this edition of GasTurbineHub June Newsletter, we take a closer look at the Top 10 energy giants, focusing on three critical indicators: market capitalization, return on investment (ROI), and profit margins. These financial metrics tell a story that goes far beyond earnings—they reveal how companies are adapting to a new energy reality.

This analysis includes only energy companies that own or operate energy-producing assets—regardless of the energy type (fossil, renewable, nuclear, etc.). These are companies with a direct role in producing, processing, or delivering energy through physical infrastructure

Why This Matter

Understanding who the major players are—and how they perform—is essential for anyone involved in the energy value chain. These companies drive technology investment, set global trends, and influence supply chain dynamics from upstream to downstream. Whether you’re a supplier, OEM, or end-user, their strategic direction shapes the future you operate in.

Moreover, in an era where capital is increasingly tied to ESG performance and long-term value creation, evaluating ROI and margins alongside market cap can provide key insights into which companies are building truly future-proof portfolios.

Let’s briefly define the key measures we’re focusing on:

• Market Capitalization: The total value of a company’s outstanding shares. It reflects size and investor confidence. A high market cap often correlates with strong brand equity, access to capital, and long-term resilience.

• 5-Year Average ROI: A long-term view of how efficiently a company generates profits from its investments. This filters out short-term spikes and shows sustained capital effectiveness.

  5-Year Average Operating Margin: The percentage of revenue remaining after operating costs. It reflects consistent profitability and cost control across business cycles.

Individually, these metrics are important. Together, they tell a deeper story: how these companies balance scale, efficiency, and profitability while navigating one of the most demanding transitions in modern business history.

By the Numbers: Who’s Really Performing?

Let’s take a closer look at the top 10 energy companies ranked by market capitalization as of 31 May 2025, and compare them across two essential long-term metrics: 5-year average Return on Investment (ROI) and 5-year average Operating Margin.

What do these figures reveal?

• Saudi Aramco is not only the largest by market cap—it also posts industry-leading ROI and margins, underscoring its dominance in low-cost, high-profit upstream operations.

• ExxonMobil and Chevron, though much smaller than Aramco in market cap, outperform many peers in long-term ROI, reflecting disciplined capital allocation and high-return assets.

• TotalEnergies and ConocoPhillips offer compelling balances: they don’t top any single metric, but show strong performance across ROI, margins, and growing transition strategies.

• Utilities like NextEra Energy and Iberdrola post healthy operating margins, but much lower ROI—highlighting the capital intensity and lower yields of clean energy infrastructure.

Interestingly, CNOOC (China) emerges as a high-margin, high-ROI sleeper success, even with a relatively modest market cap. On the other hand, Shell and BP, often seen as transition leaders, are currently burdened with low historical margins—likely reflecting their heavier investments in decarbonization.

Reading Between the Lines

These metrics aren’t just numbers—they’re signals. They show us which companies:

• Have successfully weathered price volatility and geopolitical shocks

• Are investing efficiently in both traditional and low-carbon assets

• May need to improve margin discipline or rethink capital deployment

They also serve as a reality check: while many companies talk about transformation, their numbers often reflect the friction of that process. Investing in new energy doesn’t yet bring the same returns as oil—but it may be essential for long-term survival.

Strategic Takeaways

What can energy professionals and observers learn from this?

• Scale isn’t everything: Smaller firms like ConocoPhillips can beat larger peers on financial discipline and returns.

• Gas players like CNOOC and TotalEnergies are well-positioned to bridge fossil and clean futures with LNG and hydrogen.

• Utilities have an advantage in stable, low-carbon returns—but may face challenges in accelerating ROI unless regulatory frameworks shift.

Ultimately, the ability to deliver consistent ROI and margin while shifting to sustainable models will define long-term winners.

Looking Ahead: as we navigate the complex energy transition, the best-performing companies won’t necessarily be the biggest or loudest. They’ll be the ones that prove—over time—that they can operate efficiently, invest wisely, and evolve rapidly.

The Top 10 today are a mix of legacy and transformation. But the leaders of tomorrow will be those who turn financial strength into strategic agility, and operational excellence into transition leadership.

Join the Conversation: Sign up for our newsletter to stay updated on developments in gas turbine technology and the energy sector.

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The Latest News in a Snapshot

Gas Turbine New Installations

• Ansaldo Energia Signed a Contract for the Construction of a CCGT Power Plant at the MVM Tisza Power Plant Ltd.’s Site in Tiszaújváros

  “Once commercial operation begins, the two-block, 1000-megawatt (MW) combined cycle gas turbine plant is expected to supply an average of 7,500 GWh of electricity annually to the Hungarian power grid.”
  Source: Ansaldo Energia (1 May, 2025)

• Ansaldo Energia to provide 4 leading-edge AE94.3A gas turbines in UAE

  “Four AE94.3A gas turbines by Ansaldo Energia will form the core of the new Al Dhafra power plant in the Abu Dhabi emirate. Commissioned by TAQA, the plant will have a total installed capacity of 1 GW. Scheduled to become operational by May 2027, the plant will operate alongside a photovoltaic park, one of the largest in the world. In addition to the gas turbines, Ansaldo Energia will supply the associated generators and will oversee installation and commissioning activities. The agreement also includes a Long-Term Service Agreement (LTSA).”
  Source: Ansaldo Energia (12 May, 2025)

• City Of Janesville Expands Commitment To Sustainability With New Capstone Green Energy Microturbines

  “The City of Janesville has been running Capstone microturbines since 2010 and recently purchased two additional C65 microturbines, one C200S microturbine, and a Vergent controller.”
  Source: Capstone Green Energy (15 May, 2025)

• GE Vernova modernizes Sasol’s Secunda power plant in South Africa

  “The modernization included the replacement of the existing pre-combustor system with a new DLN1+ combustor supplemented by the Fuel Gas Module (FGM) skid to increase the operational efficiency of the two installed 9E gas turbines and reduce carbon emissions.”
  Source: GE Vernova (20 May, 2025)

• Oglethorpe Power Selects GE Vernova’s Technology for New Natural Gas Plant to Help Meet Georgia’s Growing Demand and Ensure Energy Security

  “Oglethorpe Power announced a major milestone in its efforts to supply its 38 member electric cooperatives with more generation to help meet Georgia’s growing electricity demand, selecting GE Vernova’s 7HA.03 combined-cycle technology for its new natural gas plant in Monroe County.”
  Source: GE Vernova (20 May, 2025)

• GE Vernova’s H-Class gas turbines to expand Qurayyah power plant in Saudi Arabia

  “Three GE Vernova 7HA.03 and two 7HA.02 gas turbines are expected to be installed at Qurayyah Independent Power Plant (QIPP)”
  Source: GE Vernova (28 May, 2025)

• Baker Hughes to Supply NovaLT™ Gas Turbines for Frontier Infrastructure’s U.S. Data Center Project, Delivering 270 MW of Reliable Power

  “16 NovaLT™ gas turbines to power its data center projects in Wyoming and Texas, delivering up to 270 megawatts (MW) of efficient, reliable power.”
  Source: Baker Hughes (29 May, 2025)

Gas Turbine Technology and Market Developments

• Ansaldo Energia MXL3 upgrade boosts ENGIE’s Combigolfe power plant

  “Key outcomes of the upgrade include a 31 MW increase in power output and a 2.3% improvement in gas turbine efficiency, contributing to a significant reduction in fuel consumption and CO2 emissions. Additionally, the upgrade enables a 45% hydrogen co-combustion capability, offering the potential to lower emissions by up to 20%.“
  Source: Ansaldo Energia (06 May, 2025)

• Siemens-Energy Earnings Release Q2 FY 2025

  “Overall, Siemens Energy achieved one of the strongest quarters ever. Siemens Energy’s orders amounted to €14.4bn. This was 52.3% higher than in the prior-year quarter on a comparable basis. In addition to sharp growth at Grid Technologies, the upturn was primarily due to Gas Services, which recorded the highest orders in a quarter to date. Book-to-bill ratio (ratio of orders to revenue) was again strong with 1.45, leading to a new record level of €133bn in the order backlog.“
  Source: Siemens Energy (08 May, 2025)

• MHI Announce FY2024 and FY2025 Guidance

  “Announced that order intake increased 5.8% year-on-year to ¥7,071.2 billion in the fiscal year ended March 31, 2025. Revenue rose 7.9% to ¥5,027.1 billion year-on-year, resulting in profit from business activities (business profit) of ¥383.1 billion, a 35.6% increase over the previous fiscal year, which represents a profit margin of 7.6%. Profit attributable to owners of parent (net income) was ¥245.4 billion, an increase of 10.6% year-on-year, with a profit margin of 4.9%. EBITDA was ¥541.3 billion, a 25.1% increase over FY2023, with an EBITDA margin of 10.8%, up 1.5 percentage points year-on-year.“
  Source: MHI (09 May, 2025)

• NRG Energy Inc. to Acquire Premier Power Portfolio from LS Power; Transforming Generation Fleet for Growing Demand

  “NRG Energy Inc. (NYSE: NRG) has announced a definitive agreement to acquire a major portfolio of natural gas generation assets and a commercial & industrial virtual power plant (C&I VPP) platform from LS Power. The transaction, valued at approximately $12 billion in enterprise value, will be executed through a combination of cash and NRG common stock. The deal reflects a 7.5x 2026 EV/EBITDA multiple and represents around 50% of the estimated cost to build new equivalent facilities.”
  Source: NRG Energy (12 May, 2025)

• Vistra to Acquire Natural Gas Assets, Building on Industry-Leading Generation Portfolio to Better Serve Customers

  “The transaction includes approximately 2,600 megawatts of modern natural gas generation assets at an attractive price of approximately $743/kW of capacity.”
  Source: Vistra (15 May, 2025)

• Baker Hughes Launches Advanced Flame Detection Technology for Gas Turbines

  “Enhanced light sensitivity set to improve flame detection accuracy and reliability on gas turbines. The Flame Tracker ILG expands Baker Hughes’ 25-year track record of developing flame sensor technology at its Reuter-Stokes facility in Twinsburg, Ohio.”
  Source: Baker Hughes (15 May, 2025)

• Ministry of Energy of Uzbekistan and MHI Sign MOU to Conduct Joint Study of Decarbonization Strategy for Uzbekistan

  “Memorandum of Understanding (MOU) to conduct a joint study of a power development plan with stable power source needs, including the potential upgrade of the country’s gas turbine fleet with hydrogen co-firing capability as well as other technologies that can contribute to decarbonization.”
  Source: MHI (26 May, 2025)

• Doosan Enerbility Secures KRW 340bn Supplier Contract for Key Components of Saudi Arabia’s Gas-fired Combined Cycle Power Plants

  “Both the Ghazlan 2 and Hajar Power Plants, each with a planned capacity of 2,900MW, are scheduled to be built in phases by 2028 at a location that is 400km to the northeast of Saudi Arabia’s capital city Riyadh. Upon securing this contract, Doosan Enerbility will be supplying steam turbines and generators, two of each (650MW, 540MW), to the two power plants.”
  Source: Doosan Enerbility (27 May, 2025)

• Energy secretary terminates $3.7B-worth of Biden-era projects focusing on carbon capture, decarbonization

  “U.S. Secretary of Energy Chris Wright announced the termination of 24 awards issued by the Office of Clean Energy Demonstrations (OCED) totaling over $3.7 billion financial assistance.”
  Source: Renewable Energy World (30 May, 2025)

Hydrogen Gas Turbines

• SSE, Equinor secure consent for ‘first of its kind’ hydrogen project in the UK

  “Renewable energy from sources such as solar PV and wind will power the site via a power purchase agreement. This renewable energy would then power a 35MW proton exchange membrane (PEM) electrolyser, which would be stored in a salt cavern and used in a 50MW 100% hydrogen-fired open-cycle gas turbine.”

  Source: Current-News (13 May, 2025)

• Green hydrogen for new power plants – TU researchers gain access to JUPITER supercomputer

  “With the computing capacities in the so-called exascale range available for the first time in Europe through JUPITER, direct numerical simulations can now be carried out that fully resolve the highly complex dynamics of turbulent hydrogen flames in space and time under realistic gas turbine conditions.”

  Source: Hydrogen-Central (16 May, 2025)

• Fabrizio Fabbri, CEO of Ansaldo Energia, outlines the company’s role in the energy transition through high-efficiency gas turbines, digital optimisation, and hydrogen-ready solutions.

  “The GT36—a gas turbine exceeding 560 MW in simple cycle. It boasts an impressive load ramp of 100 MW per minute and a Minimum Environmental Load of just 15%, meaning it can seamlessly adapt to grid fluctuations while maintaining emissions compliance and combustor stability. Our flexibility also extends to fuel. Today, our gas turbines can already operate with up to 70% hydrogen in blend with natural gas, with the goal of reaching 100% hydrogen capability by 2030.”

  Source: Energy Connects (20 May, 2025)

• Doosan Enerbility Signs MOU with KOWEPO on Development & Demonstration of Korean-Standard Mid-Sized 100% Hydrogen Turbine

  “Doosan in charge of turbine technology development and KOWEPO to handle the application & demonstration of turbines at new build power plant.”

  Source: Doosan Enerbility (25 May, 2025)

Carbon Capture and Sequestration Projects

• MHI Starts Operation of New CO₂ Capture Pilot Plant at KEPCO’s Himeji No.2 Power Station

  “The pilot plant was established to conduct research and development for CO2 capture technologies using flue gas from gas turbines at the power plants. The plant has a capture capacity of approximately five tons per day, and through demonstration of innovative CO2 capture technologies for the next generation, will strengthen the competitiveness of the carbon dioxide capture, utilization and storage (CCUS) business.“

  Source: MHI (14 May, 2025)

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Gas Turbine Related Events Happening in 2025

LM2500 User Group Meeting
Date: June 3-5, 2025
Location: Aberdeen, United Kingdom (In-person)
Organizer: ETN Global
Website: ETN Global Events
Key Topics: User experiences, maintenance practices, technical updates for LM2500 turbines.

VGBE Gas Turbines 2025
Date: June 4-5, 2025
Location: Wesel, Germany
Organizer: VGBE
Website: VGBE Gas Turbines 2025

ASME Turbo Expo 2025
Date: June 16-20, 2025
Location: Memphis, Tennessee, USA (In-person)
Organizer: American Society of Mechanical Engineers (ASME)
Website: ASME Turbo Expo
Key Topics: Gas turbine technology, propulsion engineering, energy solutions.

Legacy Turbine Users Group Third Annual Conference
Date: June 16-19, 2025
Location: USA (In-person)
Organizer: Legacy Turbine Users Group
Website: Legacy Turbine Users Group
Key Topics: Frame 5, 6B, and 7EA gas turbines, maintenance, operations.

AOG (Alstom Owners Group) Users Conference
Date: July 14-17, 2025
Location: Niagara Falls, New York, USA (In-person)
Organizer: AOG Users Group
Website: AOG Users
Key Topics: GT8, GT11N, N1, N2, GT13, GT24, GT26.

HRSG Forum 2025 – Heat Recovery Steam Generator Users Conference
Date: July 21-24, 2025
Location: The Woodlands (Houston), Texas, USA (In-person)
Organizer: HRSG Forum
Website: powerusers.org
Key Topics: HRSG Tube Failures, Water Treatment, HRSG Preservation.

HA Users Group 2025 Annual Conference
Date: August 4-8, 2025
Location: Greenville, South Carolina, USA (In-person)
Organizer: HA Users Group
Website: powerusers.org
Key Topics: 7HA, 9HA.

Combined Cycle/Steam Turbine/Generator/Power Plant Controls User Groups and Low Carbon Peer Group Conference
Date: August 25-28, 2025
Location: Shanghai, D.C., USA (In-person)
Organizer: Steering Committees of each User Group
Website: powerusers.org

GPPS Shanghai Technical Conference 2025
Date: September 4-6, 2025
Location: Shanghai, China (In-person)
Organizer: GPPS
Website: https://gpps.global/gpps-shanghai25/

Combustion Turbine Operations Technical Forum (CTOTF) 50th Anniversary Conference
Date: September 21–25, 2025
Location: La Quinta Resort & Club, Palm Springs, California (In-person)
Organizer: CTOTF
Website: https://ctotf.org/home

Wärtsilä Users Group Annual Conference 2025
Date: September 29 – October 2, 2025
Location: Silver Legacy Resort, Reno, Nevada (In-person)
Organizer: Power Users
Website: https://www.powerusers.org/

V94.3A Users Conference 2025
Date: October 6–9, 2025
Location: Dubai, UAE (In-person)
Organizer: GTUsers
Website: https://ssl.gtusers.com

F9FA/FB, F6FA and 9HA Users Conference 2025
Date: October 13–16, 2025
Location: Bucharest, Romania (In-person)
Organizer: GTUsers
Website: https://ssl.gtusers.com

ETN Global 12th International Gas Turbine Conference (IGTC 2025)
Date: October 14–15, 2025
Location: Tangla Hotel, Brussels, Belgium (In-person)
Organizer: ETN Global
Website: https://etn.global/events/igtc-25/