Dominion Energy, headquartered in the US state of Virginia, has revealed its updated five-year capital expenditure plan, now projecting spending of $50.1bn – an increase from the previous estimate of $43.2bn.
This adjustment comes as electricity demand from data centres in its Virginia market continues to accelerate, as reported by Reuters.
Go deeper with GlobalData
The US Energy Information Administration predicts record power demand in 2025 and 2026.
This surge will be driven by data centres focussed on AI and cryptocurrency, alongside higher residential and commercial demand for heating and transportation.
Dominion reported an 88% increase in power capacity from data centres, or 19GW, in December 2024 compared to July of the same year.
Despite higher spending, Dominion has revised its 2025 operating earnings forecast to a range between $3.28 and $3.52 per share, down from the previous range of $3.25 to $3.54.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDominion connected 15 new data centres in 2024, with a capacity of almost 1GW, and anticipates adding a further 15 in 2025.
Dominion CEO Robert Blue was quoted by the news agency as saying: “What’s undeniable is that data centre growth in Virginia is not slowing down. It’s accelerating. We’re taking every step to meet this opportunity.”
Dominion serves the largest cluster of data centres in northern Virginia, exceeding the next four largest international markets combined in size.
The company recently provided an update on its 2.6GW Coastal Virginia Offshore Wind (CVOW) project, stating that it is 50% complete and on track for full completion by the end of 2026.
The project will create 2,000 jobs and generate $2bn in economic activity.
Recent construction milestones for the CVOW project include the installation of 16 transition pieces, crucial for connecting the foundation to the tower for each of the 176 wind turbines.
The company’s fourth-quarter operating earnings (non-generally accepted accounting principles) were $504m, or $0.58 per share, compared to $260m, or $0.29 per share for the same period of the previous year.
The company has reaffirmed its long-term operating earnings per share growth of between 5% and 7% up to 2029.
