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Price · 180d
$66.94
Thesis
Dominion's Virginia utility is the monopoly power provider for Data Center Alley in Loudoun County, the region that carries the majority of global internet traffic. Hyperscaler load growth there is rewriting the company's long-term forecasts and giving it one of the most enviable demand backdrops in US utilities.
The catch is execution. Dominion is still rebuilding its balance sheet after a strategic refocus and dividend cut, and outcomes hinge on Virginia regulators and politics. The asset position is exceptional; the question is whether management captures the upside cleanly.
Catalysts
- Virginia rate case outcomes and integrated resource plan approvals
- Upward revisions to data-center load forecasts
- SMR development progress at North Anna
- Balance-sheet repair and credit metric improvement