GE Vernova now has delivery slots on sale for 2032. The company said so on its third-quarter call on 28 October, after a report in which orders came to $29.3 billion, up 96% on an organic basis, and the total backlog stood at $197 billion, $20 billion more than three months earlier. Revenue was $12.6 billion, up 27%, and the company raised its full-year guidance to $46.5 to $47.5 billion from $45.5 to $46.5 billion.
Counting Gigawatts Instead Of Dollars
For gas power, the company counts gigawatts. Equipment backlog plus slot reservation agreements grew from 116 GW to 122 GW in the quarter, and GE Vernova expects at least 130 GW by the end of the year. In the quarter it signed 11 GW of new contracts, 8 GW of them reservations and 3 GW firm orders. It also converted 13 GW of earlier reservations into orders and shipped 5 GW of equipment. The firm part of the book, the equipment backlog, rose from 53 GW to 64 GW, while the reservations fell from 63 GW to 58 GW.
A slot reservation is a place in the production line held by a customer before the order is final. Seeing reservations turn into orders faster than new ones arrive tells you that buyers are committing rather than only queueing.
Price And Customer Mix
On the call, management said the price per kilowatt of gas orders for the whole of 2026 would come out about 50% above 2025, and that third-quarter orders were priced more than 20% above those of the fourth quarter of 2025, helped by a larger share of aeroderivative units. It expects the fourth-quarter price per kilowatt to be lower than the third because more 50 Hz units move out of reservations. According to 24/7 Wall St, the company has about 100 gas customers in 25 countries, roughly 80% of them traditional buyers such as utilities and about 20% buying for data centers. Data center orders across the company add up to more than $6 billion so far this year.
The press release adds that capital spending is being used to raise production in Power and Electrification, with $6 billion planned from 2025 through 2028. We reported on one of the company's turbine orders earlier (the Songon plant in Côte d'Ivoire).
Utilities Are Still In The Same Queue
The split of customers is the detail we would underline. The data center is the loudest buyer of fast power, but four out of five gas customers are still utilities and similar operators, and they are competing for the same factory capacity. For a plant owner of any kind it means the schedule is not set by the owner's own readiness. It is set by when the prime mover can be had, and everything that depends on it, from the cooling plant to the switchgear, has to be sequenced behind it. See the gas turbine and power plant pages for what we supply around such machines.
Sources: GE Vernova (SEC filing), 24/7 Wall St
