NiSource vs Dominion Energy: Utility Valuations & Data Center Power

### Tape / Session Read NiSource Inc. ($NI+WL) trades alongside utility sector comps as investors evaluate power demand tied to major cloud providers including Alphabet, Microsoft, and Amazon. While the broader S&P 500 holds a 11.9% YTD gain and the S&P Utilities Select Sector Index ($XLU+WL) sits at +4.0% YTD, NiSource shares reflect a 12.6% YTD return, trading at a 23.4 trailing multiple compared to Dominion Energy's 22.1.

### Why This Lane Matters Utility valuations increasingly reflect contracted data center demand, capital expenditure intensity, and leverage profiles. NiSource carries total debt equal to 83.1% of its market value, compared to 92.0% for Dominion, while both firms report negative free cash flow relative to market capitalization as they fund expansive infrastructure timelines extending toward the next decade.

### Related Names $NI+WL

## $NI+WL Technical Analysis & Key Risk Watch — Data Center Utility Sector

As markets process utility capital allocation plans and equity issuance projections through 2033, traders monitor balance sheet leverage, free cash flow deficits, and upcoming regulatory hurdles. Dominion advances toward Virginia state hearings on November 17 regarding its proposed combination with NextEra, while NiSource continues ramping its plant-building operations for major tech customers through 2031 and 2032.