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NextEra to Buy Dominion for $67 Billion in Stock, Creating Largest Regulated Utility

Regulators must now judge if a bigger utility can add data‑center power fast without pushing customer bills higher.

FILE - The Dominion Energy sign outside of the Electric and Fleet Operations center in the aftermath of Hurricane Helene Sunday, Sept. 29, 2024, in Aiken, S.C. (AP Photo/Artie Walker Jr., File)
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FILE - Wind turbine bases, generators and blades are positioned along with support ships at The Portsmouth Marine terminal at the staging area for Dominion Energy's wind turbine project Monday Dec. 22, 2025, in Portsmouth, Va. (AP Photo/Steve Helber, File)

Overview

  • The companies announced Monday an all‑stock agreement valuing Dominion at about $67 billion with a fixed 0.8138 NextEra share for each Dominion share plus a $360 million cash payment to Dominion holders, leaving NextEra investors with 74.5% of the combined company.
  • The merged utility would serve about 10 million customer accounts and own roughly 110 gigawatts of generation across fuels, pairing NextEra’s large build program with Dominion’s mid‑Atlantic grid footprint.
  • Executives cast the deal as a response to surging electricity use from artificial intelligence and cloud computing, with Dominion tied to Northern Virginia’s “Data Center Alley” and reporting about 51 gigawatts of contracted data‑center load in PJM’s territory.
  • The merger plan includes $2.25 billion in bill credits over two years for Dominion customers and dual headquarters in Juno Beach, Florida, and Richmond, Virginia, with NextEra CEO John Ketchum slated to lead the combined company.
  • Closing is targeted in 12 to 18 months after shareholder votes and reviews by FERC, the Nuclear Regulatory Commission, and state utility commissions, with Virginia expected to scrutinize rate impacts as Dominion shares rose and NextEra fell after the news.