Dominion Energy, Inc. (D)

Dominion Energy serves Virginia — the state with more data centres than anywhere else in the world.

The usual regulated model: tariffs approved by the state commission on the basis of invested capital. But geography makes the company an exception to the rule that electricity consumption does not grow: northern Virginia concentrates a large share of the world's cloud traffic, and more connections are required than the company can build.

The company spent several years simplifying: selling gas distribution assets, exiting non-core lines and focusing on regulated electricity. A major project is an offshore wind farm, expensive and long-running.

Risks: that project's cost and schedule, regulatory rate decisions, and the ability to add generation to match data-centre demand. The dividend was cut during the reorganisation and is now held at a sustainable level.