**DOMINION ENERGY SHIFTS FROM GRID to GOLD: Q3 DATA CENTER REVENUE SURGES 270%, POWERS PROFIT PARADOX**

DOMINION ENERGY SHIFTS FROM GRID TO GOLD: Q3 DATA CENTER REVENUE SURGES 270%, POWERS PROFIT PARADOX

The Bottom Line: Dominion Energy has quietly executed a transformation from a regulated utility into a prime beneficiary of the AI arms race. Q3 data center revenue hit $1.2B—a 270% YoY surge—fueled by hyperscaler demand in Virginia’s Data Center Alley. Critically, the company has secured 12 GW of new interconnection agreements, effectively monetizing the 5-year backlog while navigating state regulatory pressure to keep residential rates flat. The profit paradox: more electrons = more infrastructure investment = higher regulated returns, but investor skepticism on how the utility will fund $40B in CapEx without diluting the dividend. Dominion now trades at a 4.8% yield—the highest among regulated peers—signaling the market is pricing in execution risk, not opportunity. Key event: the Q4 IR day must offer a concrete CapEx financing plan or the stock stays in the penalty box.