Dominion Energy posts strong Q2 earnings as Virginia rate hikes spark data-center backlash

Dominion Energy announced that its second-quarter revenue climbed to $4.48 billion, surpassing last year’s $3.81 billion and exceeding analyst expectations, with adjusted earnings of 79 cents per share. The profit boost reflects a 5.3 GW increase in contracted data-center capacity in Virginia this year, bringing total demand to 53.8 GW. At the same time, the Virginia State Corporation Commission settled on higher residential rates, approving $11.24 per month for 2026 and $2.36 for 2027, along with an $8 monthly fuel surcharge that began in July.

The Coastal Virginia Offshore Wind project’s cost estimate rose 2% to $11.65 billion, a delay Dominion attributes to federal tariffs and construction setbacks. Local leaders in Henrico County, which already hosts 37 data centers, and Henry County, which has none, voiced public opposition to further expansion, with candidates and legislators urging a statewide moratorium. Governor-candidate Abigail Spanberger is drafting a decade-long energy roadmap, seeking public input before the October 1 deadline, while Dominion pursues a merger with NextEra Energy that promises future bill credits for customers.