Dominion Energy Inc: Disclose Stranded-Asset Risk Assessment

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WHEREAS:  Dominion Energy has disclosed 47 gigawatts (GW) of contracted power for data centers—roughly twice its current peak system capacity.[1] To meet this unprecedented demand, Dominion has proposed new renewable and fossil fuel generation projects and extensive transmission buildouts.[2] Given the pace of the artificial intelligence race, technology companies often submit requests for power connection before data center financing or tenants are secured, and many engage in parallel negotiations with multiple utilities, leading to inflated demand forecasts.[3] Therefore, investors are concerned that Dominion may be overbuilding infrastructure for data centers that are at risk of being underutilized or uneconomic.

Building major infrastructure for customers that ultimately do not materialize may result in residential ratepayers and/or shareholders bearing the cost. Dominion’s plan raises significant affordability concerns, with the average household already expected to see a 61% increase in monthly bills by 2035.[4] Rising bills can erode customer satisfaction, trigger regulatory pushback, and increase the likelihood that regulators disallow future requests to pass costs on to customers—leaving the company exposed to unrecoverable investments.

Dominion is counting nearly 30 GW of future demand from potential data center customers who have only signed preliminary engineering paperwork,[5] which lack firm take-or-pay obligations or meaningful long-term commitments,[6] and therefore do not guarantee that these customers will follow through or buy power. These customers can delay, downsize, or cancel projects with minimal consequence.

This risk is magnified by Dominion’s construction of new fossil-fuel infrastructure. If climate policies tighten, which is likely under Virginia’s new governor,[7] high-carbon assets may become increasingly expensive to operate or may face early retirement, further exposing the company to potential stranded assets.

Dominion is already facing public scrutiny over the affordability impacts associated with residential customers subsidizing data center energy.[8] Dominion has acknowledged these risks by proposing a separate rate class for large-load customers.[9] If this separate rate class is approved, it will reduce risk, but the proposed structure does not require full financial accountability and may not apply to existing large load customers.[10]

As regulators focus more on affordability, Dominion may find it harder to get approval to charge customers for new projects—especially expensive fossil fuel facilities that take decades to pay off. If the commission rejects or limits cost such recovery, shareholders, not ratepayers, could bear the financial burden.

Ensuring that data centers, rather than ratepayers, are held financially accountable for the full costs associated with their electricity demand is essential to avoid exposing consumers and investors to unnecessary risk. 

BE IT RESOLVED: Shareholders request that Dominion Energy publish an independent report assessing the risk that consumers may be unfairly burdened by stranded asset costs resulting from speculative or uncertain data center demand.

Resolution Details

Company: Dominion Energy Inc

Lead Filers: As You Sow

Year: 2026

Filing Date: November 2025

Initiative(s): Climate Change

Status: Filed

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Climate and EnergyAs You Sowfossil fuels, Fossil Fuels, fossil fuel, natural gas, Natural Gas, climate change, Climate Change, stranded assets, Stranded Assets, data centers, Data Centers, artificial intelligence, Artificial Intelligence, AI, Dominion, Dominion Energy