Dominion Energy’s Capex Plan Grows 29% to $64.7B; Price Target Raised to $67
Scotiabank lifted Dominion Energy’s price target to $67 from $63, maintaining a sector perform rating after citing solid execution. Dominion expanded its 2026-2030 capital plan by 29% to $64.7 billion while contracting 48.5 GW of data center capacity and serving 3.6 million electricity and 500,000 gas customers.
1. Price Target Hike and Rating
On March 2, Scotiabank raised its price target on Dominion Energy to $67 from $63 and kept a sector perform rating, highlighting the company’s solid execution and delivery on management commitments.
2. Capital Spending Expansion and Profit Outlook
Dominion Energy projected its annual profit would fall below Wall Street expectations, but countered with a 29% increase in its five-year capital spending plan, raising the budget from $50.1 billion through 2029 to $64.7 billion for 2026-2030 to meet rising electricity demand.
3. Data Center Contracts and Customer Portfolio
As of December, Dominion had contracted nearly 48.5 GW of data center capacity—up 1.4 GW since September—serving clients such as Alphabet, Amazon, Microsoft, Meta, Equinix, CoreWeave and CyrusOne. Its regulated electricity network covers 3.6 million homes and businesses in Virginia, North Carolina and South Carolina, while its natural gas service reaches about 500,000 customers in South Carolina.