GE Vernova (NYSE: GEV)
GE Vernova (NYSE: GEV)
In the primary generation space, GE Vernova (NYSE: GEV) provides a clear window into this demand curve. GE Vernova recently amassed a 100-gigawatt gas-turbine backlog, effectively selling out production capacity through 2030. Because hyperscalers are desperate to secure delivery slots, pricing leverage has shifted completely to the manufacturer. Market estimates project GE Vernova's turbine pricing will rise to $600 per kilowatt by 2027, a 200% increase from 2019 levels.GE Vernova is capitalizing on the behind-the-meter trend directly. A recent joint venture with Chevron (NYSE: CVX) aims to deliver 4 gigawatts of co-located gas plant power by 2027, allowing data center operators to dodge utility bottlenecks completely.