GE Vernova Inc. (NYSE:GEV) gas turbine pricing is rising sharply, but customers are still reserving capacity years before delivery. That's a sign that the scramble to secure reliable power is extending well beyond the immediate artificial intelligence buildout.

CEO Scott Strazik said full-year 2026 gas equipment order pricing per kilowatt is expected to be about 50% higher than in 2025. The company has also already sold multiple delivery slots for 2032.

Customers Are Booking Into 2032

"This quarter we sold multiple slots for '32 delivery," Strazik said during the company's third-quarter earnings call.

He said customers were securing turbines "further into the future" as demand remains strong. GE Vernova signed 11 gigawatts (GW) of gas turbine orders and slot reservation agreements in the third quarter, while shipments totaled 5 GW. Its combined gas equipment backlog and slot reservation agreements increased from 116 GW to 122 GW sequentially.

The company expects to exit 2026 with at least 130 GW of gas equipment under contract (compared with 83 GW at the start of the year), according to its Q3 results.

The delivery timeline is striking because the demand is not coming from data centers alone. Strazik said GE Vernova serves approximately 100 customers across 25 countries, with about 80% traditional customers and 20% tied to data centers.

GEV's Pricing Power Is Reaching the Backlog

"Our orders in '26 relative to '25 pricing is up directionally 50%," Strazik told analysts, referring to gas equipment order pricing per kilowatt for the full year. He cautioned that quarter-to-quarter comparisons can move with product mix.

Third-quarter gas equipment orders were priced more than 20% above fourth-quarter 2025 orders, reflecting higher-priced turbines and a greater mix of aeroderivative units. Strazik said the price per kilowatt could ease in the fourth quarter as the mix shifts. This isn't because demand is weakening, but because the company is booking farther into the future as near-term availability tightens.

That distinction matters: the 50% figure is an order-pricing measure per kilowatt, not a claim that every individual turbine costs 50% more.

Higher Prices Could Lift GEV's Margins

GE Vernova's Power segment revenue rose 25% in the third quarter, while its segment EBITDA margin expanded to 21.4%, helped by favorable pricing and higher volume. Companywide, orders rose 96% organically to $29.3 billion and total backlog reached $197 billion. GE Vernova also raised its 2026 revenue, adjusted EBITDA margin and free cash flow guidance.

For investors, tight turbine availability is doing more than stretching delivery schedules: it is helping improve the economics of future orders. The test will be how effectively GE Vernova converts reservations into shipments and sustains higher margins as capacity expands.