Dominion Energy Reports 54.9GW of Data Centre Demand in Various Stages of Contracting

The headline number covers three stages of the contracting process, according to the company's earnings presentation. Electric service agreements, the most advanced stage, account for 12.2GW. Construction letters of authorisation cover 9.8GW, and engineering letters of authorisation, the earliest stage, cover 32.8GW. That means less than a quarter of the total is under the firmest type of agreement.

Dominion's territory includes Loudoun County in northern Virginia, the largest concentration of data centres in the world, and the company lists the clustering of data centres there as a risk factor in its results.

The utility reported third-quarter operating earnings, a non-GAAP measure, of $1.28 a share, or about $1.1 billion, and GAAP earnings of $1.30 a share. It said it now expects 2026 operating earnings to land in the top half of its $3.45 to $3.69 a share guidance range, and it reaffirmed its long-term growth outlook. Its earnings presentation points to a five-year capital investment plan of about $65 billion through 2030.

The company also said its Coastal Virginia Offshore Wind project was about 85% complete, with completion targeted by the end of 2027. Dominion is pursuing a combination with NextEra Energy that it expects to close in the second half of 2027, subject to regulatory approvals.

Why It Matters

Power supply has become one of the tightest constraints on the AI build-out, and US utility disclosures are one of the clearest public measures of how much capacity developers are trying to secure. Dominion's pipeline is larger than the total electricity demand of many countries, though early-stage requests can shrink or fall away before power is delivered. Investors and policymakers watching the AI infrastructure boom, including Gulf sovereign funds backing US data centre projects, will be looking at how much of the 32.8GW in early engineering moves into signed service agreements.