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US utilities face a projected 270 GW power gap due to rising demand from AI and electrification and the retirement of coal plants. While utilities are increasingly relying on gas-fired capacity, major turbine manufacturers (GE Vernova, Siemens Energy, and Mitsubishi Power) report delivery timelines extending to 2028-2030 and record backlogs. This supply crunch, combined with rising procurement costs—exemplified by a $900 million cost increase for Duke Indiana's Cayuga plant—creates reliability risks. The report suggests alternatives such as energy efficiency, virtual power plants, grid-enhancing technologies, and clean repowering to meet near-term load growth.

Three companies—GE Vernova, Siemens Energy, and Mitsubishi Power—control two-thirds of the global market for gas turbines in power plants currently under construction. While these firms are expanding through regional partnerships and promoting 'hydrogen-ready' technology, the report argues they face significant geopolitical and financial risks due to the rapid growth of renewables and the potential for gas power overcapacity.

The report examines how the DoD's unique capacity for end-to-end research, development, and procurement can be leveraged for energy innovation. It analyzes three case studies—gas turbines, alternative fuels, and soldier-portable power—and compares the innovation models of DARPA and ARPA-E. While the DoD is a powerful engine for technology, the report notes that its contributions to climate goals depend on the alignment of energy needs with the military's core security mission. It highlights the 'Installation Energy Test Bed' as a successful model for overcoming the 'Valley of Death' in technology commercialization.

The document examines the transition from natural gas to hydrogen in gas turbines, detailing the physical differences between the fuels and the resulting engineering requirements. It highlights that while low-percentage hydrogen blends (~20% or less) can often be used with minimal modifications, higher blends require significant changes to combustion systems to manage NOx emissions and prevent flashback. The paper reviews the current capabilities and development roadmaps of major OEMs, including Ansaldo Energia, General Electric, Mitsubishi Hitachi Power Systems, and Siemens, most of whom target 100% hydrogen capability by 2030.