NextEra Energy said Monday it will acquire Dominion Energy in an all-stock deal valued at about $67 billion, pending regulatory approval [1, 2, 3]. The combined company would become the world's largest regulated electric utility by market capitalization [3, 4].

NextEra shareholders will own approximately 74.5% to 75% of the merged company, while Dominion shareholders will hold the remaining 25% to 25.5% [3, 5, 4]. The companies unanimously approved the merger on their boards [3, 6].

The new entity will serve around 10 million utility customer accounts across Florida, Virginia, North Carolina, and South Carolina [3, 7, 6]. Dominion Energy, based in Richmond, serves the largest concentration of data centers in northern Virginia, including clients such as Alphabet, Amazon, Microsoft, and Meta [8, 7]. NextEra, headquartered in Juno Beach, Florida, is the largest U.S. utility by market value and a leader in renewable energy development, natural gas, and nuclear power [1, 8, 4, 9].

The deal comes amid rising electricity demand, in part driven by expanding AI data centers and infrastructure needs. NextEra CEO John Ketchum said, "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" [3]. He added, "We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever" [4].

The combined company would control about 110 gigawatts of generation capacity from a mix of renewable, natural gas, and nuclear sources [4, 7, 6]. NextEra plans to exchange roughly 0.8 shares of its stock for each Dominion share, including a small cash component [5].

The merger represents the largest utility acquisition in U.S. history [10, 9]. The companies proposed $2.25 billion in electric bill credits spread over two years for Dominion customers after closing [3, 6]. Consumer and political concerns remain over rising electricity bills and the expansion of AI data centers [3, 8, 7]. Harvard Law School's Ari Peskoe cautioned that "Mergers are not about consumers; they’re about shareholders. For the Dominion shareholders, they are selling their shares at a premium. The executives are getting massive payouts for facilitating this... Ratepayers are all an afterthought" [8].

NextEra and Dominion officially announced the deal on May 18. It now awaits state and federal regulatory approvals before closing [1, 3, 8].