YouSaid · the spoken record

Scott Strazik

lines on the record: 27
first: 2025-04-15
most recent: 2025-04-15
sittings or episodes: 1
sources: podcast

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“This is a privilege that we have right now. I have the luxury of a board, a management team that wakes up every day focused on leading the energy transition forward. And I think that focus that we have today as a purpose-built public company is very well suited for the volatility of today. It doesn't mean we want to have our challenges. By no means are we immune to tariffs. That is not what I'm saying. I'm just saying that we're going to take advantage of those challenges and I'm determined we can do that and look forward to showing you those results over time.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“No, Bob, I've got a kick in my step right now. I like our chances, but I think volatility creates opportunity even further differentiate ourselves. That doesn't mean it's easy. It doesn't mean we don't have our challenges. We will have moments here depending on where the tariffs go that we will incur incremental costs. Now's the moment to really say, okay, who really is leading with what we call a we culture of open palms towards how do I help versus what we try to avoid, which is a U culture, a finger pointing. And that's in both internally, but also how we interact with the outside world. I mean, I try to always put myself in the counterparty shoes and then find a way to go with open palms versus finger pointing. And that's going to be the way we run this company.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“And we have to use this moment to challenge ourselves to be that much better a company. And that's what our expectation is. And that's the way I talk to our teams today. And it's the way I'm going to talk to them tomorrow because there'll be other variability and volatility that the world and the markets create. But the world needs GE Vernava. So if we're going to serve this market, we're going to do it with a little bit of gritty resilience and practical optimism every day that the world needs.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, we've been talking about this moment as an investment super cycle into the electric grid. For the better part of 18 months now. And there's nothing in the headlines that give me any less conviction in the market opportunity presenting itself. More electrons are going to be needed, especially in a decoupled supply chain where there's going to be more redundancy, maybe built into the global supply chain because of policy. So our opportunity to serve these markets is as strong as ever. Now, tariffs can create cost challenges. We're not immune to that certainly in the near term, but again, is that something that we're going to be stuck in the mud over? Are we going to act on it and at least challenge ourselves every day and use this moment to become a better company? We've had a good first year as a public company, but it's just the beginning.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“China graduates three and a half million STEM graduates every year. That's about as many graduates as we graduate across all disciplines every year. So this is important. You know, we need to keep investing in science, technology, math, engineering. Some of that's undergrad. Some of that can be community college. Some of it can be PhD level stuff, which is a little bit more oriented towards the MIT alliance. We're going to be involved in all the above. And we do that because we want the communities that we're in. MIT is a neighbor to thrive, but we do it because we think it's good business. We're only going to grow our company and serve these markets with the best team in the world. And to do that, you got to invest in people. And sometimes the best way to get the people is to be part of an ecosystem that allows them to.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“To put positions in the ground on how we can help governments think about policy. We're going to hire a lot of interns during the summer and bring them into the mix of GE Vernova. So I'm really excited about the MIT alliance. And I think it's one of many things we'll do. I mean, when you think about the number of STEM graduates we need in the US to meet this growth we've talked about and re-industrialize in the US we'll also look for opportunities to be involved in STEM programs throughout the country, maybe more community college oriented in different ways close to some of our epicenters of our larger factories. So MIT's a start, but we're going to keep investing in this space generally because we feel like we can play an important role in this ecosystem.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“We've been talking with MIT for the better part of 18 months on this alliance. Having spent a lot of time on the campus myself, it's walking distance a couple blocks away. There's an incredible amount of both technical and policy enthusiasm on how to practically move the needle on technology that can electrify and decarbonize the world. We're pretty excited about this. We're going to have about 12 research projects every year. We're going to work on where we're going to match masters and PhD students with our PhD researchers at our advanced research center and to work on projects together. We're going to pick three policy topics every year that we want to work on and bring our teams together to the GE Vernova, MIT think tank to kind of”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, I can tell you certainly on our end as an example, Secretary Wright, Department of Energy, Secretary Bergham with Interior have been very accessible to myself and my team as we've been iterating on how we serve them in this administration. So I'm encouraged that we can work through these things and we'll accomplish that.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I would say infrastructure doesn't get built on style points. It's ultimately economics. And this is a, we're going to be early in the serial number build out. And that's the economics to build a small modular reactor. But for the end customers, their business case is very dependent on when the electrons can show up. How quickly can the”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“In Ontario, and now the goal is how do we get that license to construct in the United States as quickly as possible so we can get building some here?”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“While the conversation is accelerating, I would say there's urgent diligence happening with the end customers. The spending were early in that phase. So what you're seeing is spend on trying to get incremental megawatts out of existing plants. We've gotten ability to what we call uprate existing plants this decade in that starting to move, but I would say a new build. We're just in urgent diligence. So the spend isn't happening yet. We're helping the end customers. We're helping the administration understand how we move this industry to the left and get innovation cut in by early in the next decade. We're in construction on our first small modular reactor in Canada right now. We actually received the license to construct last Friday.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, we're not going to suck our thumbs and cry in our beer as things kind of change. You know, we want to use change as an opportunity to improve. In that regard, this moment when we're just reaching our one-year anniversary as a public company is a moment when I feel pretty confident we've got our feet on the ground and we can play into this and use this moment of change to play offense on not just how we want 2025 to go because we won't change 2025 in any material way certainly from a supply chain strategy, but we can use 2025 to challenge ourselves for the next decade, and that's very much what we're doing.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Need to scrutinize how long the status quo is the status quo for sure. And that can be hard to do in a in a volatile moment that we're in. But if nothing else, it gives us a chance to really challenge ourselves on what we have been doing, well, there's a different way to do it. And that's the way we talk about it internally is this is an opportunity for us to really revisit. Past assumptions and think about how we can be better. Now, in some cases, we may gain conviction with exactly the play we've been running. In others, there may be a better alternative.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“We do have a fair amount of industrial footprint in the US that allows us to. That would take longer, truth be told, and that's a multi year journey that at this point we aren't necessarily evaluating, but we will keep looking in that regard. But first and foremost, we're going to keep trying to eliminate waste in our existing processes and build upon the assets we have. And we feel like that can carry us for a period of time. Now where we don't have it as an example, you know, we announced and closed an acquisition of a supply chain footprint from Woodward. That was a vertical supply chain integration of a small part of Woodward's business, but for our gas business, an important part of our supply chain where we thought it made more sense just to have that internal.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“I would say more we need to be a local company for our local markets. I think in your bigger markets, you're going to have a local supply chain to serve that market, local teams to serve that market. We're a global company where at this moment one of our most important local markets, certainly is the US, and that's why we're investing into that market. But we're not going to not invest in some of these other countries that are attractive end markets too to be local there.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think the AI demand cycle is still a small proportion of our overall end markets. So there's a lot else going on here. You have Just the development of re industrialization in the US with manufacturing for a long time as we were driving the most efficient global supply chain, that may have been weighing down electric load growth in places like North America and Western Europe and driving more load growth in China with coal as an example. As some of that decoupling takes place, it requires more supply chain growth and more locations, and those need electrons. There's a lot of reasons why we're going into a period of time here that we see electric demand growth being substantial. In the case of the US and Western Europe, more like after World War II, 1945 as the right baseline comparison point on how much more electricity is going to”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Just say we're in this business and we're investing into it. Now, at the moment, truth be told, our North America wind orders are soft. We expect them to be soft the first half of the year as our end customers get more clarity on U.S. policy as it relates to wind. But we see a role for wind to play, and we're going to be very well positioned to serve that market.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, I was in Pensacola, Florida last week, which is one of the locations where we make our nacelles for the wind turbines where all of the electrical equipment and generators are stored at the top of the wind turbine. And this is a facility we've been continuing to invest in. And it's about 700 employees, about 20% are veterans. We're excited about where we're going with wind. If I give you an example of something that from an innovation perspective that's really changed in the last year, we're at a point now with our wind blade technology that every blade we manufacture, we use a crawler, that crawls through the inside of the blade and takes visual images that we're now leveraging with artificial intelligence to strengthen the quality of our blade manufacturing process. I use that example to...”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“When we talk about sustainability, we very much talk about it in the context of electrification and then decarbonization. And in that vein, it's how do we add more electrons to the world every day while making the average carbon intensity of those electrons cleaner. That's been our guiding true north for over a year. It remains our true north. We do think it's very important that we add the electrons, but we see a lot of ways to decarbonize them as we go. So I think we remain just as committed today as we were yesterday. And no, I don't see that really changing for us.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“From coal. That's an incredible opportunity for us to serve that market. I was in Saudi in February. They're still getting 40% of their electricity from oil. They want to get to 50% gas, 50% renewables by 2030. We can serve that market. So I think there's real opportunities for us to accomplish substantive things in the near term, both on decarbonization, but being a leading global company.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“I think even more so. This is very much about bringing a new energy to the energy transition. In the reality is when it comes to climate change as an example, there's a lot of people that go at that conversation with a somber, negative, pessimistic tone that we reject inside GE Vernovo. Think about the hyperscalers as an example that care deeply about sustainability. They need more electricity. They're going to help us move decarbonization technologies left like nuclear, like carbon capture that otherwise wouldn't be there. I would make that same argument, although it may not have been the intent of our first global campaign that we're trying to bring the right energy to this conversation of globalization too. So you think about India, most populated country in the world today, it's still getting 80% of its electricity.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Any one country, and with it, it forces you to really revisit it on an even more intimate way what you do and where you do it. But we can do that. We're capable of taking that on. And I'm highly confident we can use this moment to make ourselves a better company for the long term.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Think about that. Well, when I think about my first four months of the year, I mean, my first trip of the year was to Singapore and Japan the first week of January. I had a great trip in the Middle East in February visiting Saudi, Qatar, Dubai, Abu Dhabi. These are all important markets for us. You know, I think we've got opportunities to serve these markets throughout and we're going to work really hard to earn those opportunities. At the same time, long before the announcements with tariffs, the reality is there has been an evolving shift with globalization. There's certainly been a lot of strategic moves towards concepts of decoupling from the Chinese supply chain explicitly. So we've been working that over a long period of time. Now, the last week certainly has been broader than...”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Get closed. Rest assured, you know, by Friday afternoon, our teams were actively working evaluation plans of what our alternatives are. Now, it doesn't mean within 48 hours you pull the trigger in a dynamic period of time. So we're working it pretty hard right now to figure out what our alternatives are. And with a growing backlog to the extent our backlog is growing so substantially, that also puts us in a privileged position with our supply base to come and say, listen, this is what it's going to take to keep serving GE Vernova.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think, even if you take a step back and think about some of the stuff I've talked to our investors about on where we want to make investments, we want to invest in our business where we can improve the durability or the resiliency of our supply chain. And that's simply because we have a lot of organic growth that's coming in our businesses, irrespective of any policy changes. Policies are going to change. They're going to evolve. This is going to force us to relook at where we source certain things. It'll force us to revisit our terms with some of our suppliers in different locations. But we know how to do that. So we don't want to be too fast to respond as we're kind of trying to make sense of everything. But I'd also rather be a company that is quick on its feet in this environment. President Trump announced the tariffs on a Wednesday afternoon after the market.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“Well, you know, our end markets really haven't changed very much, Bob. I would start there. I mean, we continue to see very strong end markets in our larger core businesses and gas power and our electrification and grid businesses. So frankly, you know, there's going to be moments of dislocation between the stock market and our end markets. It doesn't mean that depending on where the tariffs go, that doesn't create an opportunity for us to prove out our nimbleness and managing our global supply chain. And we're going to have to do that. But I think it's frankly an opportunity for us to demonstrate how much we've grown in our first year as a public company to be able to operate in this kind of environment.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT
“We're not gonna suck our thumbs and cry in our beer as things kind of change. You know, we want to use change as an opportunity to improve. Now, tariffs can create cost challenges. We're not immune to that certainly in the near term. But again, is that something that we're going to be stuck in the mud over? You know, even in the last five days, there's some learnings that we'll be able to use to our benefit from here.”
2025-04-15 · Masters of Scale · Finding opportunity in volatility, with GE Vernova CEO Scott Strazik · IDENTIFIED FROM THE TRANSCRIPT