U.S. utilities expand infrastructure to meet AI-driven power demand

Major utility companies in the southeastern United States are significantly expanding their infrastructure to meet unprecedented electricity demand driven by artificial intelligence and data center growth.

Duke Energy has announced a $103 billion spending plan through 2030, a 13.7% increase over its previous five-year outlook. The company has already secured 4.5 gigawatts of new data center load, with an additional 9 gigawatts in the pipeline. To support this, Duke plans to invest heavily in power generation, grid upgrades, and transmission infrastructure, though the expansion will require significant long-term financing.

Dominion Energy is also seeing growth driven by the massive expansion of data centers in northern Virginia. The company reported FY 2025 revenue of nearly $16.5 billion, a 14.2% increase from the prior year, with net income of approximately $3.0 billion. Dominion is also involved in renewable energy through the Coastal Virginia Offshore Wind project in partnership with Stonepeak.