NextEra Energy (NEE) announced on Monday it will acquire Dominion Energy (D) in a $66.8 billion all-stock transaction, creating the world’s largest regulated electric utility. This deal is framed as a strategic response to rising electricity demand from AI data centers, with Dominion shareholders receiving 0.8138 shares of NextEra plus a one-time cash payment of $360 million. Upon completion, NextEra shareholders will own about 74.5% of the merged entity.
The merger, expected to finalize in 12 to 18 months pending regulatory approvals, will operate under the NextEra Energy name from dual headquarters in Juno Beach, Florida, and Richmond, Virginia. The combined company will serve approximately 10 million customers across Florida, Virginia, North Carolina, and South Carolina, with a total of 110 gigawatts of power generation capacity.
As part of the agreement, NextEra will propose $2.25 billion in bill credits for Dominion customers over two years post-close to ease regulatory concerns. With the increasing electricity demand driven by AI-related infrastructure, this acquisition underscores a significant shift in the power sector as it moves to consolidate around scalable energy solutions.
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