Dominion Energy raised its five-year capital expenditure plan on Wednesday as electricity demand from data centers in its Virginia market continues to accelerate.

Dominion Energy, Virginia’s biggest utility company, has reported that its total data center power capacity under contract has almost doubled compared to July 2024. In its Q4 earnings call, the utility said it has approximately 40GW in various stages of contracting as of December 2024. This compares to 21GW in July 2024, an 88 percent increase.

Dominion reports mixed Q4 results while raising its five-year capital spending plan as it anticipates a potential surge in power demand from a rise in datacenters across the U.S.