Dominion / Q1 2026

Why it matters

This is the supply-side companion to yesterday's $725B hyperscaler capex sweep. The 51 GW contracted figure is the largest single-utility data center book in the country and the cleanest validation that hyperscaler capex is landing physically in PJM-East. Contract-stack discipline matters: SELOA → CLOA → ESA is a maturity ladder, and ESA carries take-or-pay — i.e., Dominion is not absorbing speculative load. Useful for the firm-equivalent-mw-underwrite.md framework: the SELOA / CLOA / ESA progression is exactly the kind of contract maturity tagging the de-rate calculator needs to model — a 30 GW SELOA pipeline doesn't underwrite the same way as a 10 GW ESA book. Add a row to virginia-data-center-legislation-2026.md showing that 51 GW contracted is the denominator the legislature is fighting over in the HB 1393 / SB 253 cost-shift mechanism (next item). Also: Dominion's contracted-capacity disclosure cadence (quarterly, with ~5% QoQ growth) is something the regulatory-knowledge-graph should ingest as a structured-data feed — every other utility serving hyperscalers is going to be pressured to disclose at the same granularity by mid-2026.