On April 9, 2025, GE Vernova and the Iraqi Ministry of Electricity officially signed a memorandum of understanding in Baghdad, witnessed by Iraqi Prime Minister Mohammad Hijah al-Sudani. The core goal of this cooperation is to add 24 GW of power capacity to Iraq with the help of GE Vernova's advanced gas turbine technology. This figure breaks the record in the history of Iraq's power development and is a milestone.
GE Vernova plans to use the H-class gas turbine, which is well-known in the global energy field for its excellent performance of high efficiency and low emissions. According to the data, its cumulative operating time has exceeded 3 million hours, and its global installed capacity has exceeded 67 GW, with proven stability and reliability. What's more worth mentioning is that it has the ability to burn up to 50% hydrogen, which provides solid technical support for Iraq's future transformation towards low-carbon energy.
During the implementation of the project, these gas turbines will be used to build multiple combined cycle gas power plants. After these power plants are put into operation, they will significantly improve Iraq's power supply capacity and gradually alleviate the long-standing power shortage problem. Moreover, the Iraqi Ministry of Electricity stated that the project will give priority to natural gas resources, which will not only promote the optimization and adjustment of Iraq's energy structure, but also provide stable and reliable power guarantees for high-energy-consuming industries such as data centers. With sufficient and stable electricity, Iraq's data center industry is expected to usher in a period of rapid development, attract more domestic and foreign companies to settle in, and further drive the prosperity of related industries.
GE Vernova, renamed from GE Energy, integrates GE's energy business and was officially established and listed on the New York Stock Exchange on April 2, 2024. Headquartered in Cambridge, Massachusetts, it has 75,000 employees. Total revenue in fiscal year 2024 reached US$34.9 billion, operating profit was US$471 million, and net profit was US$1.55 billion. The business covers renewable energy, power generation, digital group and energy financial services, with more than 7,000 gas turbines and 400 GW of renewable energy equipment installed worldwide, contributing to about 25% of the world's electricity production. By providing energy solutions, it promotes the transformation of global energy to a more reliable, economical and sustainable direction, plays a key role in the energy field, and leads the industry into a new stage of development. By deeply participating in Iraq's power construction, GE Vernova can not only reap rich economic returns in the Middle East market, but also further enhance its brand influence and accumulate valuable experience for the development of other markets. For Iraq, this is an excellent opportunity to get rid of the power dilemma and achieve economic take-off. I believe that with the technical support of GE Vernova and the joint efforts of both parties, Iraq's power industry will usher in a new stage of development and light up the new future of national development.
