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(Reuters) -Dominion Energy raised its five-year capital expenditure plan on Wednesday as electricity demand from data centers in its Virginia market continues to accelerate. The Richmond, Virginia-based utility expects to spend $50.1 billion from 2025 to 2029, up from its previous estimate of $43.2 billion. "What's undeniable is that data center growth in Virginia is not slowing down," Dominion Chief Executive Robert Blue said on a conference call. "In fact, it's accelerating. We're taking every step to meet this opportunity." U.S.
power demand is expected to hit record highs in 2025 and 2026 due to growing demand from data centers dedicated to artificial intelligence and cryptocurrency, and from homes and businesses for heat and transportation, according to the U.S. Energy Information Administration. Dominion said data centers added 88% more power capacity, or 19 gigawatts (GW), in December than in July. However, it narrowed its 2025 operating earnings forecast to between $3.28 and $3.52 per share, from a previous range of $3.25 to $3.54. Shares of the utility were flat in mid-morning trading at $55.50.
Last year, Dominion connected 15 new data centers with a capacity of nearly 1,000 megawatts. The utility expects to connect another 15 data centers this year. In northern Virginia, Dominion serves the world's largest cluster of data centers, a market larger than the next four largest international markets combined. Dominion's fourth-quarter operating profit was $504 million, or 58 cents a share, compared with $260 million, or 29 cents a share, in the year-ago period. Dominion Energy Virginia accounted for about 80% of the latest quarter's profit.
The company affirmed its long-term operating profit per share growth of 5% to 7% through 2029. (Reporting by Tim McLaughlin in Boston and Seher Dareen in Bengaluru; Editing by Leroy Leo and Richard Chang)
Dominion Energy's data center growth continues to accelerate
February 12, 2025 02:43 PM GMT | By EODHD
