Dominion Energy - Virginia’s primary electrical utility - has reported a marginal increase in its data center pipeline in its latest earnings results.

The utility said that it now has more than 48GW contracted as of December 2025, up from approximately 47GW in September.

"We now have [more than] 48GW in various stages of contracting as of December 2025, which compares to around 47GW as of September, an increase of approximately 1.4GW or three percent," said Robert Blue, CEO and president of Dominion Energy.

Blue said that the majority of the demand growth is "driven by steady and consistent batches of cloud and inference data center modules, which we view as lower risk and produce consistent results over time."

In response to the growing load, the utility raised its five-year capital investment outlook by 30 percent to $65 billion, with more than 90 percent of that increase concentrated within Dominion Energy Virginia’s coverage area to serve accelerating demand from data center clients.

The utility also reported that it had seen more than $5 billion in awarded projects to Dominion Energy Virginia by the Regional Transmission Operator PJM Interconnection, with in-service dates through 2032.

Blue also commented on the new rate class proposed by Dominion last year, which is expected to come into effect at the start of next year.

"Starting in January 2027, large load customers with demand of 25MW or greater will be subject to minimum demand charges. And a customer that signs a new ESA will also be subject to firm contract terms with exit fees and enhanced collateral requirements," he said.

While electricity rate increases remain a concern, Blue reported that in Virginia, despite the huge concentration of data centes residential rates have "averaged 9 percent below the national average, even as data center load has grown at a 20 percent CAGR since 2016."

On the generation side, Dominion reported that positive regulatory outcomes have enabled the approval of large generation projects such as the 1GW Chesterfield Energy Reliability Center in Virginia. The utility also reported that its flagship offshore wind project, the Coastal Virginia Offshore Wind project, has surpassed 70 percent completion, despite strong headwinds from the federal government.

The utility also said that it has earmarked no capital for small modular reactor projects in its five-year plan, though development authority and resource planning continue for future deployment.

Dominion Energy provides regulated electricity to approximately 3.6 million homes and businesses across Virginia, North Carolina, and South Carolina. Its coverage area includes Northern Virginia, which is home to the world’s largest concentration of data centers.