NextEra announced a blockbuster acquisition of Dominion Energy in a deal valued at approximately $66.8 billion. If completed, the merger would create the world’s largest regulated electric utility company and significantly expand NextEra’s footprint into Virginia and the PJM region, a major data center hub tied to AI infrastructure growth.
Under the terms of the deal, Dominion Energy shareholders will receive 0.8138 shares of NextEra Energy for each Dominion share they own. Following the completion of the transaction, NextEra Energy shareholders are expected to own approximately 74.5% of the combined company, while Dominion Energy shareholders will own about 25.5%.
The combined company will operate under the NextEra Energy name and continue trading on the New York Stock Exchange under the ticker symbol NEE. The transaction is expected to close within 12 to 18 months, subject to regulatory approvals and shareholder approval from both companies.
The merger creates a utility and energy infrastructure platform serving approximately 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina. The combined company will own approximately 110 gigawatts of generation capacity spanning natural gas, nuclear, renewables, and battery storage.
The companies said the business will be more than 80% regulated and positioned to capitalize on accelerating electricity demand growth, particularly from data centers, industrial projects, and infrastructure expansion across some of the fastest-growing states in the U.S.
As part of the transaction, the companies are proposing $2.25 billion in customer bill credits over two years following the close of the transaction for Dominion Energy customers in Virginia, North Carolina, and South Carolina. The companies said scale advantages in procurement, construction, financing, and operations are expected to drive additional long-term affordability benefits.
The combined company also expects to benefit from an expanded growth pipeline, including more than 130 GW of large-load opportunities tied to increasing power demand. Management said the broader platform would improve capital deployment flexibility and enhance operational capabilities across regulated utilities and contracted infrastructure businesses.
The companies highlighted several expected financial benefits from the transaction, including immediate accretion to adjusted earnings per share at closing and projected adjusted EPS growth of more than 9% annually through 2032. The combined entity is also expected to maintain a dividend growth target of 6% annually through 2028.
NextEra Energy said the merger would improve its existing credit rating thresholds, while Dominion Energy and Dominion Energy Virginia are expected to benefit from upgraded credit ratings and lower financing costs.
The combined company will maintain dual headquarters in Juno Beach, Florida, and Richmond, Virginia, along with Dominion Energy South Carolina’s operational headquarters in Cayce, South Carolina. Dominion’s utility businesses will continue operating under their existing names, including Dominion Energy Virginia, Dominion Energy North Carolina, and Dominion Energy South Carolina.
John Ketchum will serve as chairman and CEO of the combined company, while Dominion Energy CEO Robert Blue will become president and CEO of regulated utilities and join the board of directors. The combined company’s board will consist of 10 directors from NextEra Energy and four from Dominion Energy.
The transaction has already been unanimously approved by the boards of both companies and will require approvals from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, state utility regulators, and federal antitrust authorities.
KEY QUOTES:
“This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever, not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.
The Dominion Energy name isn’t changing, nor is how we operate locally, serve our customers or engage with the community. The same leaders and the same teams customers know and trust will continue serving Virginia, North Carolina and South Carolina. Both companies put our customers and teams first, as well as the communities we serve.
By uniting two industry leaders with 238 years of collective experience, this combination creates a stronger company for customers and a stronger long-term value proposition for shareholders. Customers will benefit from $2.25 billion in bill credits and over time from the scale, operating and capital efficiencies this combination unlocks. They will also benefit from the shared expertise and best practices of America’s leading regulated utilities, laser-focused on low customer bills, customer service, storm resiliency and reliability, making the customer experience seamless in the near term and best in class over time. Shareholders will benefit from a broader regulated growth runway, a larger opportunity set and a more diversified platform. This is a unique situation where we believe one plus one equals three. We are confident that our customers, the communities we serve, our shareholders and our industry-leading teams will all benefit from this combination.”
John Ketchum, Chairman, President and CEO, NextEra Energy
“Dominion Energy and NextEra Energy share a deep commitment to delivering reliable and affordable energy and to the customers and communities we are honored to serve. This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need.
Most importantly, this combination is built around our customers. The bill credits we are committing to, the continued investments in generation, reliability and storm resiliency and our commitments to retain our team and dual headquarters in Juno Beach and Richmond, as well as Dominion Energy South Carolina’s existing operational headquarters in Cayce, reflect the values that have always defined Dominion Energy. We are excited to bring these great companies together and to write the next chapter in every community we serve.”
Robert Blue, Chair, President and CEO, Dominion Energy
