Dominion Energy Increases Capital Spending to $64.7 Billion Amid Rising Data Center Demand in Virginia
Dominion Energy announced a capital investment plan of $64.7 billion for 2026-2030, up from $50.1 billion, to meet growing electricity demand from data centers in Virginia. The company's 2026 earnings forecast of $3.45 to $3.69 per share fell short of Wall Street's estimate of $3.60, leading to a decline in stock price. Dominion has contracted nearly 48.5 gigawatts of data center capacity, with significant investments planned in electric transmission and distribution. Key projects include the $11.5 billion Coastal Virginia Offshore Wind project, expected to commence in early 2026.
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Dominion Energy has raised its capital spending plan to $64.7 billion for 2026-2030, driven by increasing electricity demand from data centers in Virginia. The 2026 earnings forecast is $3.45 to $3.69 per share, slightly below the $3.60 Wall Street estimate, affecting stock performance.
The company has contracted nearly 48.5 gigawatts of data center capacity and will invest $16 billion in electric transmission and $13 billion in electric distribution. The $11.5 billion Coastal Virginia Offshore Wind project is also part of the strategy, with initial electricity expected in early 2026. The plan aims for 5-7% annual earnings growth through 2030.
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