NEW YORK – October 29, 2026 -- Baker Hughes booked an order for 34 Frame 5 and nine NovaLT16 gas turbines, about 1.1 GW of capacity, for a major U.S. technology company's AI computing development. It was one of several gas-to-power deals reported between October 21 and October 27, while Henry Hub gas traded at $2.76 per MMBtu.
Cheap gas moves the bottleneck to turbines, pipelines and grid rules
The Henry Hub spot price was $2.76 per MMBtu on October 27, according to the U.S. Energy Information Administration (EIA). Working gas in storage stood 35 Bcf above the five-year average in the week ended October 16. U.S. gross withdrawals hit a record 137 Bcf/d in July 2026, driven mainly by Permian Basin output.
The EIA's October Short-Term Energy Outlook forecasts dry gas production of 112.20 Bcf/d this year and 116.13 Bcf/d in 2027. It expects Henry Hub to average $3.16 per MMBtu in 2027, down 32 cents from 2026. Global Market Insights puts the global gas turbine market at $22.6 billion in 2025 and projects growth from $25.4 billion in 2026 to $64.8 billion by 2035, an 11.2% CAGR.
Wholesale power prices climb as NERC and FERC move on new load and pipeline reviews
The EIA expects 2026 wholesale electricity prices to average $52 per megawatthour across the 11 hubs it tracks, 11% above 2025. It forecasts PJM prices up 41% this year, the largest increase of any region.
On October 26, the North American Electric Reliability Corporation's board adopted foundational computational load Reliability Standards, the first phase of its large loads action plan. NERC will file them with the Federal Energy Regulatory Commission (FERC) for approval.
On October 15, FERC issued a draft policy statement proposing to stop requesting air dispersion modeling from Natural Gas Act applicants, as part of an effort to accelerate air quality reviews of gas projects. Comments are due November 16, 2026.
Baker Hughes reports $10.8 billion in quarterly orders and a second 500 MW data center award
The 1.1 GW package includes generators and associated gears to support AI model training, inference and physical AI workloads. In third-quarter results the same day, Baker Hughes reported orders of $10.8 billion, including $5.9 billion in Industrial & Energy Technology. It also disclosed a separate order for 18 Frame 5 gas turbine generator packages, about 500 megawatts, for data center projects of a U.S. energy company.
Kinder Morgan sanctions $4.2 billion Permian Link to supply a hyperscaler
Kinder Morgan's third-quarter net income attributable to KMI was $764 million, up from $628 million a year earlier. Its natural gas expansion backlog is $13.2 billion within a $14.4 billion total, and more than 75% of the total is tied to power generation and local distribution company demand.
Natural Gas Pipeline Company of America took a final investment decision on the roughly $4.2 billion Permian Link Project, of which KMI's share is about $1.6 billion. The project is designed to deliver about 2.8 Bcf/d of capacity to serve new power generation for an A-rated hyperscaler. Kinder Morgan also sanctioned two more phases of the Creekside Lateral Project after signing additional long-term, take-or-pay agreements with data center and industrial customers.
Executive Chairman Richard Kinder said the gas business is "benefiting from increasing LNG exports, rising power demand, and industrial expansion."
EQT opens season on 42-inch POWER Pipeline and signs 10-year LNG deal with Ignitis
EQT's third-quarter sales volume was 583 Bcfe, including 21 Bcfe of strategic curtailments, and net cash from operating activities was $1,083 million. The new 42-inch POWER Pipeline would connect its Marcellus assets in Pennsylvania to demand at the Clarington hub in Ohio. EQT also signed a 10-year LNG sales agreement with Lithuania's Ignitis Group. It highlighted its announced acquisition of Range Resources, which it says will create America's largest vertically integrated natural gas producer.
Bloom Energy raises 2026 revenue guidance to $4.4 billion-$4.6 billion
Bloom Energy reported third-quarter revenue of $1,235.8 million on October 22, up 138.1% year over year. It was the company's third increase to full-year guidance in 2026. Its Energy Server is a solid-oxide fuel cell system that converts fuels including natural gas, biogas and hydrogen into electricity without combustion, and data centers are among customers using it for onsite power.