Dominion Energy (D)

Serves Northern Virginia Data Center Alley. Massive grid expansion.

Dominion Energy (D) is a moderate-exposure data-center supply-chain name in the energy sector. Data Center Index tracks Dominion Energy's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.

Dominion Energy data center thesis

Dominion is the regulated utility for Virginia's Loudoun County, the heart of Data Center Alley, where DCs now drive ~21% of Dominion Energy Virginia peak load and essentially 100% of incremental load growth. As a state-sanctioned monopoly, Dominion captures every new DC interconnect at regulated returns, making the equity a rate-base compounder geared to the highest-density DC market in the world.

Bull case

  • Northern Virginia hosts ~70% of global internet traffic and Loudoun County alone has more than 35M sqft of DC capacity online or in queue; Dominion is the sole regulated interconnect provider into that load.
  • DC load growth has driven Dominion's integrated resource plan to roughly double projected Virginia generation needs, expanding the regulated rate base that earns ~9-10% allowed ROE for decades.
  • One identified DC project alone (QTS Richmond, 921 MW, ~$33B) demonstrates the scale of single hyperscaler interconnects feeding Dominion's capex pipeline.

Bear case

  • Massive capex burn (multi-year $40B+ plan) requires sustained equity issuance and tariff pressure; at $62 the stock already prices in regulatory cooperation, and any Virginia rate-case haircut compresses the multiple.
  • Dominion has historically traded at a discount to NEE/SO on execution missteps (offshore wind cost overruns, prior strategic review); VA SCC could push back on cost recovery if DC ratepayer-allocation politics escalate.
  • Virginia legislators are actively debating bills that would shift incremental grid-upgrade costs from residential ratepayers to hyperscaler tenants; any allocation shift would either slow DC growth or compress Dominion's recoverable rate base.

Thesis last reviewed 2026-05-09.

Data center exposure rationale

Virginia data centers represent ~21% of the regulated Dominion Energy Virginia peak load and most incoming load growth; DC drives the capex narrative.

Dominion Energy revenue and capex

In fiscal 2025, Dominion Energy reported revenue of $16.5B, capital spending of $12.6B and operating income of $4.4B.

Fiscal yearRevenueCapexOperating income
2025$16.5B$12.6B$4.4B
2024$14.2B$12.2B$3.2B
2023$13.5B$10.2B$3.4B

From annual reports filed with the SEC; the most recent was filed 2026-02-23.

Tracked Dominion Energy data center projects

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