Dominion Energy D has recently signed a Memorandum of Understanding with Amazon.com AMZN to explore innovative new development structures for enhancing potential Small Modular Reactor (“SMR”) nuclear development in Virginia.

The state’s monopoly utility outlined its plans to keep investing in natural gas through 2039, despite also building large volumes of clean energy and battery storage.

Nearly 80% of the plan's incremental power generation over the next 15 years is carbon-free, including 3,400 MW of new offshore wind, 12,000 MW of new solar, and 4,500 MW of new battery storage.

Amazon Web Services, which plans a $35 billion investment in Virginia data centers, is looking to develop small nuclear power sources in partnership with Dominion Energy.