GE Vernova gas turbine backlog hits 100 GW as prices rise

The market is starting to re-rate GEV as a utility-grade infrastructure compounder, not a cyclical equipment name. The key second-order effect is that its electrification book is now becoming the lead indicator for grid capex across utilities and hyperscalers, while the Prolec consolidation effectively converts a previously shared economics stream into controllable margin and cash-flow leverage. That combination should keep multiple expansion alive even if power generation volumes normalize, because the market can underwrite a longer-duration backlog with better visibility on mix and pricing.

The biggest beneficiary beyond GEV is the broader grid supply chain: transformer, switchgear, HVDC, and substation vendors should see a multi-quarter pricing tailwind as data center load growth collides with limited manufacturing capacity. This is also a negative for smaller private vendors and EPCs that lack balance-sheet scale; they will likely lose share on integrated projects where customers increasingly want one-stop power + transmission solutions. Conversely, wind remains a policy beta trap: even if order comparisons improve, U.S. developer demand looks too fragile to support a durable valuation rerate absent clearer permitting/tariff relief.

The gas backlog inflection is more important than the headline order growth because it implies pricing power is still outrunning inflation while capacity stays tight through the end of the decade. That sets up a multi-year earnings stair-step, but it also creates the main reversal risk: if utilities slow commitments or data center hyperscalers defer load buildouts, the market may discount the outer-year backlog more heavily and compress the multiple. The near-term catalyst path is cleaner over the next 1-2 quarters than the wind story; the stock can keep grinding higher on backlog conversion and margin commentary, but any disappointment on install timing or working capital could be enough to pause the rerate.