To understand the future of the energy economy, take a look at GE Vernova. The company’s equipment provides a quarter of the world’s electricity today, and its stock has taken off alongside growing power demand globally. On paper, the company is an old-school industrial firm. In the stock market, it trades like a high-growth technology company.

On the surface, that success appears to be largely from the growing demand for the company’s gas turbine business. But, just like the wider changes happening in the energy system today, GE Vernova’s growth story is much more complicated.…