Dominion Energy on Monday projected annual profit below Wall Street expectations, even as it sharply increased its long-term capital spending to meet surging electricity demand in the United States.
The Richmond, Virginia-based utility said it now plans to invest $64.7 billion between 2026 and 2030, nearly 30% higher than its previous $50.1 billion five-year plan, as it expands infrastructure to support data centers and grid reliability.
U.S. power companies have been ramping up spending amid extreme weather and soaring demand from artificial intelligence and cryptocurrency-focused data centers.
Dominion, whose Virginia subsidiary serves the world’s largest data center market, said it had contracted about 48.5 gigawatts of data center capacity as of December, up 1.4 GW from September.
Its customer base includes major technology firms such as Alphabet, Amazon, Microsoft, Meta and Equinix, alongside private operators including CoreWeave and CyrusOne.
Despite the aggressive expansion plans, Dominion forecast fiscal 2026 operating earnings of $3.45 to $3.69 per share, with the midpoint below analysts’ average estimate of $3.60, according to LSEG data.
Shares slipped 1.4% in premarket trading following the outlook.
Fourth-quarter operating expenses rose nearly 11% year-on-year to $3.33 billion, weighing on overall performance despite strong demand growth.
Adjusted profit for the quarter ended Dec. 31 came in at 68 cents per share, narrowly topping analysts’ estimates of 67 cents.
The results underscore the tension facing utilities as they balance near-term earnings pressure with heavy investments aimed at securing long-term growth from the AI-driven po