Feb 12 (Reuters) - Dominion Energy ( D ) raised its

five-year capital expenditure plan on Wednesday as the utility

firm sought to cash in on the potential growth in power demand

from a rise in data centers across the U.S.

The Richmond, Virginia-based company expects to spend $50.1

billion in the 2025 to 2029 period, up from $43.2 billion

estimated previously.

Power demand in the U.S. is expected to rise to record highs

in 2025 and 2026 due to growing demand from data centers

dedicated to artificial intelligence and cryptocurrency, as well

as from homes and businesses for heat and transportation,

according to the U.S. Energy Information Administration.

Dominion said data centers contracted 88% more power

capacity, or 19 gigawatts (GW), in December as compared to July.

However, it narrowed its 2025 operating earnings forecast to

between $3.28 and $3.52 per share, compared with a range of

$3.25 to $3.54 per share earlier.

Shares of the utility firm fell nearly 2% in early trading.

For the fourth quarter, the company also posted operating

earnings of 58 cents per share, beating analysts' estimates by 2

cents, according to data from LSEG.

The profit beat was aided by a $119-million tax benefit that

offset lower revenues and higher operational expenditure.

Its electric and gas service areas saw an 8.6% fall in

heating degree days - a measure of energy demand for space

heating - in the quarter.

"We delivered 2024 operating earnings per share in the top

half of our guidance range despite worse-than-normal weather in

our regulated service areas," said Dominion CEO Bob Blue.

Dominion also incurred a charge of $276 million for certain

costs it did not expect to recover from its wind energy project

off the coast of Virginia.