GE Vernova's backlog of gas turbine orders climbed to 116 gigawatts in the second quarter, according to a company earnings report released this week. The energy equipment manufacturer posted double-digit growth in both revenue and orders, powered by robust performance in its Power and Electrification divisions, while its Wind segment faced a sharp drop in demand. The company's total order backlog across all three major business lines reached $176 billion, up from $129 billion in the second quarter of 2025.
The gas turbine order backlog rose from 100 GW in the first quarter of 2026, with the company shipping 3 GW of turbines and signing 20 GW of orders and slot reservations during the quarter. More than half of those orders were for HA-class turbines, the large units that operators typically run at higher capacity factors. The Electrification segment's order backlog hit $41 billion, a 69% jump from the previous year, while wind equipment orders fell 40% year-over-year. Customers for gas turbines now span roughly 100 entities across 26 countries, with about 80% being traditional utilities and 20% data center operators.
CEO Scott Strazik said the company expects its combined gas turbine orders and slot reservations to reach 125 GW by year's end. The manufacturer is currently accepting reservations for 2031 deliveries and anticipates being "more than halfway contracted" for that year by December, though Strazik noted the company needs more time before it can clarify the timing of 2032 bookings. Strazik described the electrical power industry as being "in the early stages of a multi-decade growth opportunity," calling the current environment "this electricity investment supercycle."
The surge in gas turbine demand reflects growing electricity needs driven by data centers, with GE Vernova booking reservations four to five years into the future, similar to competitors Siemens and Mitsubishi Heavy Industries. An analyst at BNP Paribas Equity Research estimated pricing at roughly $790 per kilowatt for heavy-duty turbines, $950/kW for HA-class combined-cycle units, and $1,800/kW for aeroderivative turbines, based on second-quarter figures. The Electrification segment's growth was aided by GE Vernova's acquisition of the remaining stake in GE Prolec, a former joint venture with Mexican conglomerate Xignux, which helped the company secure around $800 million in U.S. transformer orders this quarter. Broad-based load growth, utilities' increasing recognition of the need for grid-stabilizing equipment, and national security concerns are all driving demand for electrical systems and components, Strazik said.
Despite ongoing pressure on the U.S. wind industry from trade and energy policy under the Trump administration, GE Vernova sees potential for recovery tied to expiring federal tax credits and a coming repowering cycle. Strazik said forthcoming guidance on Section 232 tariffs could bring more clarity to orders in the second half of 2026, and noted that roughly 10 gigawatts of units in the company's U.S. installed base have repowering potential with projects already qualified for production tax credits. Wood Mackenzie recently raised its five-year outlook for U.S. greenfield wind development by 5%, citing developer efforts to capitalize on tax credits and surging corporate demand for clean energy. The company also completed installation of all remaining wind turbines at the 800-MW Vineyard Wind project off Massachusetts, moving into the commissioning phase while working to resolve claims and counterclaims with the customer following a 2024 blade failure.