Dominion Reports 54.9GW of Data Center Demand in Contracting

Dominion Energy, Virginia's primary electric utility, now counts 54.9GW of data center capacity in various stages of contracting — up 13 percent since the end of last year. The figure comes from the company's Q3 earnings report, released this week.

Of that total, 12GW is already contracted under electric service agreements, the binding contracts through which large customers commit to utility power supply.

"We now have more than 54GW of data center capacity in various stages of contracting, including more than 12GW of capacity contracted under electric service agreements," said Steven Ridge, EVP and CFO at Dominion, on the earnings call. "To put that in context, we have added more than 6GW of contracts, or 13 percent, since the end of last year."

That's a slight acceleration. Last quarter, the company reported adding more than 5GW of contracted data center load to its pipeline compared to year-end. The growth keeps compounding, quarter after quarter.

What does the demand surge mean for the balance sheet?

Sustained data center interest helped lift Dominion's net income 15 percent year on year. That figure includes a $137 million increase tied to the rate increase the company's Virginia utility subsidiary received in 2025.

The numbers land as Virginia remains the epicenter of U.S. hyperscale buildout, with Dominion's service territory around Northern Virginia hosting the world's densest cluster of data centers. The 54.9GW pipeline represents demand that, if fully built, would exceed the generation capacity of many entire U.S. states.

How is the generation buildout going?

The utility reported steady progress on its Coastal Virginia Offshore Wind project, rated at up to 2.6GW. Dominion has installed 44 of 176 planned turbines at the site, representing roughly 640MW of generation capacity.

Turbine installation "continues to average approximately two days" per unit, said CEO Bob Blue. The project is approximately 85 percent complete and on track for full completion by the end of 2027.

Where does the NextEra merger stand?

Dominion also updated investors on its merger with NextEra Energy, currently moving through regulatory approvals. Blue said he is "looking forward" to the Virginia State Corporation Commission's first evidentiary hearing on the deal, scheduled for later this month.

The merger has drawn widespread political, regulatory and industry opposition. Virginia Governor Abigail Spanberger has expressed deep skepticism and conditioned her approval on strict demands, including:

• A six-year freeze on residential base electric rates
• Tripling monthly customer bill credits to $29
• Stronger commitments to clean energy and workforce protections

Despite the pushback, Dominion isn't blinking. "We're going to continue to present what we think is a very strong package through that regulatory process," Blue said.

The coming weeks will test that confidence. The evidentiary hearing gives regulators their first formal venue to probe the merger's terms, with Spanberger's conditions — particularly the rate freeze and bill credits — shaping the political backdrop against which any approval decision will be made.