# $D's data-center power pipeline after Q3
Latent Equity · published Nov 2, 2026 · Power meter
Post: https://x.com/Latent_Equity/status/2117342924627386582

Our read: Dominion's data-center demand is firming, not just queuing.
Contracted data-center capacity in Virginia: ~54.9 GW in September, vs ~48.5 GW in December and ~16.5 GW in July 2023.

The firmest tier rose to 12.2 GW from 10.2 GW (5.8 GW in July 2023). These are service agreements: the customer owes the revenue whether or not it takes the power.

Balls and strikes:
- About 60% of the total is early engineering-stage letters, not construction or service contracts.
- The construction-authorized tier fell to 9.8 GW from 11.0 GW. The slides don't say why.
- Contracted isn't built: $D left its 2026 guide and ~$65B five-year spending plan unchanged.
- Q3 operating EPS of $1.28 included $0.05 from better-than-normal weather and $0.05 of renewable natural gas tax income.
- A pending merger with $NEE (NextEra), expected to close in the second half of 2027 subject to approvals, means $D's share price isn't a clean read of this data.

What would prove us wrong:
- the firmest tier flat or below 12.2 GW, or total contracted capacity falling, in Dominion's next update; or a merger approval that conditions or caps the Virginia build.

General research, the same for every reader. Not investment advice.