NextEra Energy and Dominion Energy have expanded the package of customer and economic commitments tied to their proposed combination, adding four years of residential bill credits, an additional $100 million for low-income energy assistance, 1,000 new Virginia jobs and a shareholder-funded co-headquarters tower in Richmond.
The companies said the enhanced proposal was developed in response to feedback from policymakers and other stakeholders and remains contingent on regulatory approval and completion of the transaction.
One of the biggest changes involves residential bill relief.
NextEra and Dominion now propose providing residential customers with $10 per month in bill credits for four years, doubling the previously proposed two-year period.
The companies plan to work with the Virginia State Corporation Commission to redirect credits that otherwise would have gone to large-scale data centers toward additional residential relief and increase the overall amount of shareholder-funded customer credits.
Low-income assistance would also increase.
The companies plan to add $100 million through 2038 to EnergyShare, Dominion Energy’s shareholder-funded energy bill assistance program.
They also reiterated their commitment that customers would not be charged for merger-related costs.
NextEra argues that the combination could generate longer-term savings by applying greater purchasing, financing, construction and operating scale to Dominion Energy Virginia.
The companies pointed to the performance of NextEra subsidiary Florida Power & Light as an example of the potential efficiencies.
According to NextEra, FPL’s typical residential bills are currently more than 37% below the national average and its reliability is more than 60% better than the national average.
Dominion Energy Virginia would remain separately regulated by the Virginia State Corporation Commission, which would continue setting base rates.
The companies are also proposing substantial economic-development commitments.
NextEra would maintain existing Virginia employee headcount levels for five years while adding 600 NextEra positions in the state.
Suppliers working with the company are expected to add another 400 jobs.
A new NextEra office tower would be constructed beside Dominion Energy’s existing Richmond headquarters and become part of the combined company’s co-headquarters structure.
NextEra said the building would be funded by shareholders rather than utility customers.
The Richmond operation would support areas including renewable energy development, supply-chain management, battery storage, nuclear energy and small modular reactor innovation, enterprise technology and cybersecurity.
The companies also plan to establish a $100 million workforce development initiative.
That investment would support training, apprenticeships and career development and include an independent workforce-development organization governed by representatives from Virginia trade schools, colleges, universities, technical colleges and community colleges.
Another proposed initiative would create a Virginia Supplier Program involving up to $1 billion in annual spending commitments for five years.
The program would target competitive contractors, suppliers and service providers operating in the state.
NextEra and Dominion also plan to use the combined company’s purchasing scale to encourage suppliers, engineering firms and construction partners to expand in Virginia and increase use of the Port of Virginia.
More than nine companies have indicated plans to establish or expand operations in the state if the combination is approved, according to the companies.
On the energy side, NextEra and Dominion plan to accelerate development of solar generation, battery storage, dispatchable resources and nuclear infrastructure.
The companies said the expanded generation base could reduce Virginia’s dependence on imported electricity while supporting rising power demand.
They also reiterated support for structures intended to prevent residential and small-business customers from subsidizing the incremental infrastructure costs associated with large data centers.
Dominion Energy Virginia would retain its existing name, Virginia-based leadership and local board.
Ed Baine would continue leading Dominion Energy Virginia, while Dominion CEO Robert Blue would lead NextEra Energy’s regulated utilities.
The combined company would maintain dual headquarters in Richmond, Virginia, and Juno Beach, Florida.
The companies also plan to host an annual global energy summit in Virginia focused on energy infrastructure, technology and innovation.
The proposed combination continues to require regulatory approvals and satisfaction of other customary closing conditions.
NextEra and Dominion continue to expect the transaction to close during the second half of 2027.
KEY QUOTES:
“This is a Virginia-first package, and it starts with customers.”
“We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial assistance and long-term affordability benefits.”
John Ketchum, Chairman, President and CEO of NextEra Energy
“Dominion Energy Virginia will remain locally led, separately regulated and accountable to the State Corporation Commission.”
“This package builds on that foundation by adding NextEra Energy’s scale, capital and capabilities to help support Virginia’s growth while keeping customers, reliability and affordability at the center of everything we do.”
Robert Blue, Chair, President and CEO of Dominion Energy
