Venture Global Signs Equipment Deals with GE Vernova and Baker Hughes

Updates

1. Oct 15, 6:26 AM ET · SEC 8-K — The agreements cover up to 16 720 MW power islands and 21 grid projects, with about $17.2 billion payable if all purchase orders are placed; first power island order expected by end of 2026.

   • Power Frame Agreement
     • Power Frame Agreement with GE Vernova Operations LLC and Baker Hughes Energy Services LLC for up to 16 power islands, scheduled deliveries through 2034 at the latest.
     • 720 MW power island units would consist of combined cycle gas turbines and certain related equipment.
     • Power Frame Agreement and Grid Frame Agreement both dated October 9, 2026.
     • VGLNG, a direct wholly-owned subsidiary of Venture Global, Inc., entered the agreements; counterparties GE Vernova Operations LLC, Baker Hughes Energy Services LLC, and GE Grid Solutions, LLC.
     • Power Frame Agreement provides supply of incremental power equipment beyond the Baker Hughes Master Agreement at an agreed-upon price structure and schedule for equipment GE Vernova and Baker Hughes must supply once we elect to proceed with a given order.
     • Under the Power Frame Agreement, Baker Hughes will supply additional equipment and services related to the power islands.
     • All power island system purchase orders under the Power Frame Agreement will follow the pre-negotiated terms and conditions specified in the form purchase order included in the Power Frame Agreement.
   • Grid Frame Agreement
     • Grid Frame Agreement with GE Grid Solutions, LLC for power transformer and gas insulated switchgear equipment supporting up to 21 power island projects, deliveries through 2034 at the latest.
     • Grid Frame Agreement provides supply of incremental power transformer and gas insulated switchgear equipment beyond the Baker Hughes Master Agreement at an agreed-upon price structure and schedule for equipment GE Grid must supply once we elect to proceed with a given order.
     • All power equipment package purchase orders under the Grid Frame Agreement will follow the pre-negotiated terms and conditions specified in the form purchase order included in the Grid Frame Agreement.
   • Reservation Agreements
     • Initial Unit Manufacturing Reservation Agreement with GE Vernova for supply of eight of the remaining 15 power islands.
     • Purchase orders for those reserved power islands anticipated to be entered into commencing in early 2027.
     • Five Initial Long Lead Equipment Reservation Agreements for supply of first five sets of equipment packages.
     • Purchase orders for those equipment packages to be entered into under the Grid Frame Agreement commencing in late 2026.
     • Under each frame agreement, subject to entering a definitive reservation agreement and payment of a reservation fee, GE Vernova or GE Grid must reserve manufacturing capacity.
   • Reservation Expiry — The ability to reserve manufacturing capacity expires in a staggered manner from October 2027 to October 2029 for the Power Frame Agreement and over a period ending in mid-December 2026 for the Grid Frame Agreement if definitive reservation agreements are not entered.
   • Termination and Binding Effect — Once a purchase order is entered, it may be terminated under certain circumstances, in which case a termination fee may be required. Outside reservation fees and reserved capacity, neither party is bound to purchase or supply unless additional definitive reservation agreements and/or purchase orders are entered.
   • Payment Terms — If all purchase orders under the Power Frame Agreement and the Grid Frame Agreement are placed, the aggregate amount payable under both agreements, including applicable reservation fees, would be approximately $17.2 billion, subject to adjustment based on various specified criteria.
   • Incremental Equipment — Incremental equipment can be utilized for any of the company's LNG export projects or bolt-on expansions, or to support the LNG-adjacent data center development projects it intends to pursue.
   • AI Utility and Compute — Venture Global is creating a vertically integrated AI utility and anticipates it will be able to develop up to 10GW of compute capacity by the end of 2034.
   • Permitting and Local Impact
     • This week, the company will file its first permit applications to begin the permitting process.
     • Island Mode power from incremental dedicated on-site infrastructure would place no additional demand on the public electric grid or public water utilities.
     • The expansion would have no added costs to local consumers.
     • Any potential third-party development for Island Mode power capacity would be separate from and complementary to LNG operations and would not impact LNG sales agreements or other existing commercial commitments.
   All 29 details

   • Power Frame Agreement with GE Vernova Operations LLC and Baker Hughes Energy Services LLC for up to 16 power islands, scheduled deliveries through 2034 at the latest.
   • Initial Unit Manufacturing Reservation Agreement with GE Vernova for supply of eight of the remaining 15 power islands.
   • Purchase orders for those reserved power islands anticipated to be entered into commencing in early 2027.
   • Ability to reserve manufacturing capacity expires in a staggered manner from October 2027 to October 2029 if definitive reservation agreements not entered.
   • Grid Frame Agreement with GE Grid Solutions, LLC for power transformer and gas insulated switchgear equipment supporting up to 21 power island projects, deliveries through 2034 at the latest.
   • Five Initial Long Lead Equipment Reservation Agreements for supply of first five sets of equipment packages.
   • Purchase orders for those equipment packages to be entered into under the Grid Frame Agreement commencing in late 2026.
   • Ability to reserve manufacturing capacity expires in a staggered manner over a period ending in mid-December 2026 if definitive reservation agreements not entered.
   • Once a purchase order is entered, it may be terminated under certain circumstances, in which case a termination fee may be required.
   • Company anticipates it will be able to develop up to 10GW of compute capacity by the end of 2034.
   • 720 MW power island units would consist of combined cycle gas turbines and certain related equipment.
   • Incremental equipment can support the LNG-adjacent data center development projects that Venture Global intends to pursue.
   • This week, the company will file its first permit applications to begin the permitting process.
   • Power Frame Agreement and Grid Frame Agreement both dated October 9, 2026.
   • VGLNG, a direct wholly-owned subsidiary of Venture Global, Inc., entered the agreements; counterparties GE Vernova Operations LLC, Baker Hughes Energy Services LLC, and GE Grid Solutions, LLC.
   • Under each frame agreement, subject to entering a definitive reservation agreement and payment of a reservation fee, GE Vernova or GE Grid must reserve manufacturing capacity.
   • Purchase orders under both frame agreements contain terms and conditions, scope of supply, delivery schedule, and performance tests and performance guarantees.
   • Outside reservation fees and reserved capacity, neither party is bound to purchase or supply unless additional definitive reservation agreements and/or purchase orders are entered.
   • Island Mode power from incremental dedicated on-site infrastructure would place no additional demand on the public electric grid or public water utilities.
   • The expansion would have no added costs to local consumers.
   • Any potential third-party development for Island Mode power capacity would be separate from and complementary to LNG operations and would not impact LNG sales agreements or other existing commercial commitments.
   • Venture Global is creating a vertically integrated AI utility.
   • Power Frame Agreement provides supply of incremental power equipment beyond the Baker Hughes Master Agreement at an agreed-upon price structure and schedule for equipment GE Vernova and Baker Hughes must supply once we elect to proceed with a given order.
   • Grid Frame Agreement provides supply of incremental power transformer and gas insulated switchgear equipment beyond the Baker Hughes Master Agreement at an agreed-upon price structure and schedule for equipment GE Grid must supply once we elect to proceed with a given order.
   • Incremental equipment can be utilized for any of our LNG export projects or bolt-on expansions, or to support the LNG-adjacent data center development projects we intend to pursue.
   • Under the Power Frame Agreement, Baker Hughes will supply additional equipment and services related to the power islands.
   • If we elect to proceed with all purchase orders under the Power Frame Agreement and the Grid Frame Agreement, the aggregate amount payable under both agreements, including applicable reservation fees, would be approximately $17.2 billion, subject to adjustment based on various specified criteria.
   • All power island system purchase orders under the Power Frame Agreement will follow the pre-negotiated terms and conditions specified in the form purchase order included in the Power Frame Agreement.
   • All power equipment package purchase orders under the Grid Frame Agreement will follow the pre-negotiated terms and conditions specified in the form purchase order included in the Grid Frame Agreement.