{"slug":"dominion-energy","name":"도미니언 에너지","name_en":"Dominion Energy","ticker":"D","updated_at":"2026-07-12T04:08:00.104+00:00","canonical":"https://valuechain.wiki/dominion-energy","kicker":"S&P 500 · 전력 유틸리티 · 데이터센터 부하(북버지니아)","kicker_en":"S&P 500 · Electric utility · Datacenter load (Northern Virginia)","lead":"도미니언 에너지는 버지니아·사우스캐롤라이나에서 약 280만 전력 고객에게 전기를 공급하는 규제 유틸리티다. 세계 최대 데이터센터 집적지인 북버지니아(라우든 카운티)를 관할해 데이터센터가 2025년 버지니아 전력 판매의 28%를 차지했고, 계약된 데이터센터 접속 용량은 2025년 말 약 48.5GW로 불어났다. 2026~2030년 약 650억 달러 설비투자로 발전·송배전을 확충하며 2.6GW 규모 CVOW 해상풍력을 건설 중이다.","lead_en":"Dominion Energy is a regulated utility serving about 2.8 million electricity customers across Virginia and South Carolina. It covers North Virginia (Loudoun County), the world's largest data-center hub, where data centers reached 28% of Virginia Power electricity sales in 2025 and contracted data-center connection capacity grew to roughly 48.5 GW by end-2025. A ~$65 billion 2026-2030 capital plan expands generation and delivery, and the company is building the 2.6 GW CVOW offshore wind project.","segments":{"parts":[{"desc":"약 280만 고객+북버지니아 데이터센터 부하(판매의 28%). 요금기반 성장의 핵심.","name":"버지니아 전력","value":"$11.8B"},{"desc":"SC 규제 전력. 외부매출 약 $3.57B.","name":"사우스캐롤라이나 전력","value":"$3.6B"},{"desc":"장기 계약 발전 등.","name":"계약 에너지","value":"$1.1B"}],"total":"$16.5B (FY2025)"},"segments_en":{"parts":[{"name":"Dominion Energy Virginia","value":"$11.8B"},{"name":"Dominion Energy South Carolina","value":"$3.6B"},{"name":"Contracted Energy","value":"$1.1B"}],"total":"$16.5B (FY2025)"},"returns_yearly":{"2021":8.1,"2022":-19.1,"2023":-19.1,"2024":20.4,"2025":14,"2026":22.1},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"도미니언의 논점은 '세계 최대 데이터센터 집적지를 관할하는 규제 유틸리티'라는 입지 자체다. 북버지니아(라우든 카운티)를 담당해 데이터센터가 2025년 버지니아 전력 판매의 28%를 차지하고 계약 접속용량이 48.5GW까지 불었는데, 규제 유틸리티는 이 폭증 수요를 2026~30년 약 650억 달러 설비투자로 받아 요금기반 성장으로 전환한다. 2.6GW CVOW 해상풍력은 그 성장의 대형 축이자 원가·공정 리스크이며, Stonepeak가 50% 지분으로 자본을 분담한다. 관전점은 CAPEX의 요금 회수(규제 승인)와 금리, 해상풍력 실행. 그래프 파급: 데이터센터 부하 약정 고객이 성장의 출발점이고, 발전 연료(천연가스·원자력)와 해상풍력 기자재가 원가·공정의 상류.","analysis_en":"Dominion's thesis is the location itself — a regulated utility serving the world's largest datacenter cluster. Covering Northern Virginia (Loudoun County), datacenters were 28% of Virginia power sales in 2025 and contracted interconnection swelled to 48.5GW, and a regulated utility converts that surging demand into rate-base growth via ~$65bn of 2026-30 capex. The 2.6GW CVOW offshore wind is a major growth axis and a cost/execution risk, with Stonepeak sharing capital via a 50% stake. Watch cost recovery of CAPEX (regulatory approval), interest rates and offshore-wind execution. Graph propagation: datacenter load-commitment customers are the growth start, while generation fuel (gas, nuclear) and offshore-wind equipment are the upstream cost/execution.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"데이터센터 대형부하 (북버지니아·라우든 카운티)","counterparty_slug":null,"confidence":"high","metric":"버지니아 전력 판매의 28% (2025) · 계약 접속용량 약 48.5GW (2025말)","note":"세계 최대 데이터센터 집적지인 북버지니아를 관할. 데이터센터가 2025년 버지니아 전력 판매의 28%(2024년 26%)를 차지. 계약 데이터센터 접속용량은 2025년 말 약 48.5GW로 2023년 7월 약 16.5GW 대비 3배 급증. 고객사 Amazon·Microsoft·Alphabet·Meta.","note_en":"Dominion serves North Virginia, the world's largest data-center hub. Data centers made up 28% of Virginia Power electricity sales in 2025 (26% in 2024); contracted data-center connection capacity swelled to ~48.5 GW by end-2025, roughly 3x the ~16.5 GW of July 2023. Customers include Amazon, Microsoft, Alphabet and Meta.","sources":[{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"news","lang":"en","published_at":"2026-02-24","url":"https://www.tikr.com/blog/dominion-energy-stock-in-2026-48-gigawatts-contracted-65-billion-committed-cvow-70-done","title":"도미니언 에너지 2026: 계약 48GW, 650억 달러 투자, CVOW 70% 완공","title_en":"Dominion Energy in 2026: 48 GW Contracted, $65B Committed, CVOW 70% Done","excerpt":"계약 데이터센터 용량이 48GW를 넘어섰고, 고객사에는 Alphabet·Amazon·Microsoft·Meta가 포함된다.","excerpt_en":"Contracted capacity now exceeds 48.5 gigawatts as customers including Alphabet, Amazon, Microsoft and Meta expand."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"도미니언 에너지 연차보고서(Form 10-K, FY2025)","title_en":"Dominion Energy Form 10-K (FY2025)","excerpt":"Data centers represent 28% and 26% of Virginia Power's electricity sales for the years ended December 31, 2025 and 2024, respectively. The concentration of data centers primarily in Loudoun County, Virginia represents a unique challenge.","excerpt_en":"Data centers represent 28% and 26% of Virginia Power's electricity sales for the years ended December 31, 2025 and 2024, respectively. The concentration of data centers primarily in Loudoun County, Virginia represents a unique challenge."}]},{"direction":"revenue","counterparty":"규제 전력 소매고객 (버지니아·사우스캐롤라이나)","counterparty_slug":null,"confidence":"high","metric":"버지니아 전력 세그먼트 매출 $11,843M · 약 280만 고객 (FY2025)","note":"버지니아·노스캐롤라이나 약 280만 고객(주거·상업·산업·정부)에 규제 전기를 공급. 버지니아 전력 세그먼트 외부매출 $11,843M, 사우스캐롤라이나 $3,568M (FY2025). 연결 총매출 $16,506M.","note_en":"Supplies regulated electricity to ~2.8 million customers across Virginia and North Carolina. Dominion Energy Virginia segment external revenue was $11,843M and South Carolina $3,568M in FY2025, of $16,506M consolidated revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"도미니언 에너지 연차보고서(Form 10-K, FY2025)","title_en":"Dominion Energy Form 10-K (FY2025)","excerpt":"...serve approximately 2.8 million residential, commercial, high load (including certain data centers), industrial and governmental customers in Virginia and North Carolina. Total revenue from external customers: Dominion Energy Virginia $11,843; Dominion Energy South Carolina $3,568; Consolidated $16,506.","excerpt_en":"...serve approximately 2.8 million residential, commercial, high load (including certain data centers), industrial and governmental customers in Virginia and North Carolina. Total revenue from external customers: Dominion Energy Virginia $11,843; Dominion Energy South Carolina $3,568; Consolidated $16,506."}]},{"direction":"cost","counterparty":"발전 연료·전력 구매 (천연가스·원자력)","counterparty_slug":null,"confidence":"high","metric":"전력 연료·에너지 구매 $4,489M (FY2025) · 발전 연료비중 가스39%·원자력25%·구매전력24%·석탄7%","note":"발전 연료 및 에너지 관련 구매가 2025년 $4,489M(버지니아 $3,591M·사우스캐롤라이나 $795M). 버지니아 전력 발전 연료비 기준 천연가스 39%·원자력 25%·순구매전력 24%·석탄 7%·재생/수력 5%.","note_en":"Electric fuel and other energy-related purchases were $4,489M in 2025 (Virginia $3,591M, South Carolina $795M). By fuel cost, Virginia Power generation was 39% natural gas, 25% nuclear, 24% net purchased power, 7% coal, 5% renewable/hydro.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"도미니언 에너지 연차보고서(Form 10-K, FY2025)","title_en":"Dominion Energy Form 10-K (FY2025)","excerpt":"Electric fuel and other energy-related purchases: Dominion Energy Virginia $3,591; Dominion Energy South Carolina $795; Consolidated $4,489. Natural gas 39%, Nuclear 25%, Purchased power net 24%, Coal 7%.","excerpt_en":"Electric fuel and other energy-related purchases: Dominion Energy Virginia $3,591; Dominion Energy South Carolina $795; Consolidated $4,489. Natural gas 39%, Nuclear 25%, Purchased power net 24%, Coal 7%."}]},{"direction":"cost","counterparty":"설비투자·해상풍력 건설 (CVOW 2.6GW)","counterparty_slug":null,"confidence":"high","metric":"2026-2030 capex 약 $65B (버지니아 $55B) · CVOW 총사업비 약 $11.5B","note":"2026~2030년 약 650억 달러 설비투자 계획(2월 30% 상향), 이 중 버지니아 전력이 Stonepeak 상환분 제외 약 550억 달러. 건설 중인 CVOW 상업 프로젝트는 2.6GW 해상풍력(버지니아 비치 앞 27마일)으로 총사업비 약 115억 달러(금융비용 제외), 2026년 말~2027년 초 완공 목표.","note_en":"Roughly $65 billion 2026-2030 capital plan (raised ~30% in February), of which Dominion Energy Virginia is ~$55 billion net of Stonepeak reimbursements. The CVOW Commercial Project under construction is 2.6 GW of offshore wind 27 miles off Virginia Beach, with an estimated total project cost of ~$11.5 billion excluding financing, targeted for completion by end-2026 to early 2027.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"도미니언 에너지 연차보고서(Form 10-K, FY2025)","title_en":"Dominion Energy Form 10-K (FY2025)","excerpt":"Its approximately $65 billion capital expenditure plan for 2026 through 2030... Dominion Energy Virginia's capital plan for 2026 through 2030 includes spending approximately $55 billion, net of reimbursements from Stonepeak... The estimated total project cost is approximately $11.5 billion (excluding financing costs).","excerpt_en":"Its approximately $65 billion capital expenditure plan for 2026 through 2030... Dominion Energy Virginia's capital plan for 2026 through 2030 includes spending approximately $55 billion, net of reimbursements from Stonepeak... The estimated total project cost is approximately $11.5 billion (excluding financing costs)."},{"stance":"confirms","publisher":"인베스팅닷컴","publisher_en":"Investing.com (KR)","kind":"news","lang":"ko","published_at":"2026-02-23","url":"https://kr.investing.com/news/company-news/article-93CH-1835889","title":"도미니언 에너지, 데이터센터 호황 겨냥 71조원 투자 계획","title_en":"Dominion Energy plans KRW 71tn investment targeting data-center boom","excerpt":"도미니언 에너지가 데이터센터 수요 급증에 대응해 5개년 설비투자를 30% 늘린 약 71조원(650억 달러) 규모로 확대했다.","excerpt_en":"Dominion expanded its five-year capital plan ~30% to about KRW 71 trillion ($65B) to meet surging data-center demand."}]},{"direction":"investor","counterparty":"Stonepeak (CVOW 50% 지분)","counterparty_slug":null,"confidence":"high","metric":"CVOW 50% 비지배지분 · 클로징 시 $2.6B 수취 (2024.10)","note":"인프라 투자사 Stonepeak가 2024년 10월 CVOW 상업 프로젝트의 50% 비지배지분을 OSWP 합작사 형태로 인수. 버지니아 전력은 클로징 시 26억 달러(그때까지 건설비의 50%)를 수취했고, 이후 자본 기여를 균등 분담.","note_en":"Infrastructure investor Stonepeak acquired a 50% noncontrolling interest in the CVOW Commercial Project via the OSWP joint venture in October 2024. Virginia Power received $2.6 billion at closing (50% of construction costs incurred to date), with the two parties funding remaining construction 50/50.","sources":[{"stance":"confirms","publisher":"TS2","publisher_en":"TS2 Space","kind":"news","lang":"en","published_at":"2026-03-01","url":"https://ts2.tech/en/dominion-energy-stock-forecast-2025-2026-ai-data-centers-offshore-wind-and-rate-hikes-push-nysed-to-new-highs/","title":"도미니언 에너지 주가 전망 2025-2026: AI 데이터센터·해상풍력·요금 인상","title_en":"Dominion Energy Stock Forecast 2025-2026: AI Data Centers, Offshore Wind and Rate Hikes","excerpt":"Stonepeak가 CVOW 해상풍력 지분 50%를 보유해 프로젝트 자본과 리스크를 분담한다.","excerpt_en":"Stonepeak holds a 50% stake in the CVOW offshore wind project, sharing project capital and risk."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm","title":"도미니언 에너지 연차보고서(Form 10-K, FY2025)","title_en":"Dominion Energy Form 10-K (FY2025)","excerpt":"In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. At closing, Virginia Power received $2.6 billion, representing 50% of the CVOW Commercial Project construction costs incurred through closing.","excerpt_en":"In October 2024, Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. At closing, Virginia Power received $2.6 billion, representing 50% of the CVOW Commercial Project construction costs incurred through closing."}]}]}