Same with XEL, the undeveloped land assets in the Midwest of the US have now become a virgin land with unlimited imagination.
$Dominion Energy(D.US)
Electricity will become a main theme, but the timing is unclear.
The market is starting to reprice the nodes of the electricity system.
The strongest signal is NextEra's acquisition of Dominion. One of the largest regulated utilities in the US is buying access to power for data centers in Northern Virginia.
Dominion has Virginia, PJM, data center clusters, and a rate base.
NextEra is buying it in an all-stock deal, essentially purchasing long-term power access for AI data center loads. The deal size is approximately $66.8 billion. NextEra will gain nearly 51GW of contracted power center capacity from D and enter Virginia, one of the world's most important data center clusters. 
Demand is not just talk. The EIA expects US electricity consumption to rise from 4,195 B kWh in 2025 to 4,248 B kWh in 2026 and 4,379 B kWh in 2027, setting consecutive new highs.
AI data centers are just one of the strongest increments. The macro demand curve is rising.
<Most importantly, price signals have already appeared.
The PJM 2027/2028 capacity auction price reached the FERC-approved cap of $333.44/MW-day. Reliable capacity is starting to get more expensive. 
This is a direct positive for merchant power companies like CEG$Constellation Energy(CEG.US)VST$Vistra(VST.US)TLN $Talen Energy(TLN.US), because their nuclear power, gas-fired power, and reliable capacity will be revalued.
Moreover, the 'selling shovels' story is already being realized with orders. GE Vernova's Electrification division secured $2.4 billion in data center-related equipment orders in Q1, exceeding the total data center orders for all of 2025. 
The electricity narrative has already shifted from 'data centers will use a lot of power' to actual orders for transformers, switchgear, and grid equipment.
The acquisition of D is just the beginning. The demand for electricity will far exceed human imagination.
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