Dominion tops second-quarter profit estimates as Virginia demand offsets rising expenses

NextEra Energy

31/07/2026 13:17

July 31 (Reuters) - U.S. utility Dominion Energy D.N reported better-than-expected second-quarter profit and revenue on Friday, as stronger power demand in its Virginia business helped offset a 53% increase in operating expenses.
Adjusted operating earnings from Dominion's Virginia segment rose 22% to $670 million during the quarter, while overall operating expenses surged to $4.15 billion from $2.71 billion last year, as utilities continued to spend more on fuel, grid upgrades and maintenance to support growing electricity demand.
Here are more details:
Utilities are seeing a renewed growth cycle in electricity demand, led by power-hungry data centers supporting artificial intelligence workloads, particularly in Virginia, home to the world's largest data center market.
Dominion's quarterly revenue rose to $4.48 billion, from $3.81 billion a year ago, beating analysts' average estimate of $4.04 billion, according to data compiled by LSEG.
Adjusted operating earnings from its South Carolina segment fell about 3.7% to $105 million in the quarter ended June 30.
The Richmond, Virginia-based company posted adjusted earnings of 79 cents per share, topping expectations of 68 cents per share.
Dominion said its Virginia segment had contracted nearly 53.8 gigawatts (GW) of data center capacity as of July, up 5.3 GW from December.
In May, Dominion and NextEra Energy NEE.N announced their $66.8 billion merger deal that will form one of the world's largest electric utilities.
Dominion supplies electricity to 3.6 million customers across Virginia, North Carolina and South Carolina, and natural gas to 500,000 customers in South Carolina.

 (Reporting by Sumit Saha in Bengaluru; Editing by Diti Pujara)
 ((Sumit.Saha@thomsonreuters.com;))