Data Centers Are Pushing This Dividend Stock's Growth Plan to the Limit
Dominion Energy (NYSE: D) has transformed its business over the past decade or so and is now just a regulated utility. Don't write this company off, however, because its generous 3.8% dividend yield and plans for dividend growth of around 6% over the next few years are actually quite an impressive combination in the utility space. Data centers will be a key part of the growth here, yet these energy-intensive customers are straining the company's capital investment plans.
After shedding oil production and pipeline assets, Dominion Energy is basically just a large regulated electric and natural gas utility. It has operations in 15 states serving some 7 million customers. One of the company's larger markets is the state of Virginia. It has a number of major projects in the works there, including a massive offshore wind farm that it hopes to construct despite some recent regulatory setbacks.
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Source Fool.com
