Updated May 18, 2026 / CBS News
NextEra Energy announced Monday it will acquire Dominion Energy in an all-stock transaction valued at about $67 billion, creating what the companies say will be the world’s largest regulated electric utility. The combined company will operate under the NextEra Energy name and serve roughly 10 million utility customers across Florida, Virginia, North Carolina and South Carolina.
Under the agreement, NextEra shareholders will own about 74.5% of the merged company and Dominion shareholders will hold roughly 25.5%. The deal is expected to close in mid-to-late 2027 pending regulatory approvals.
The acquisition comes as electricity demand is accelerating, driven in part by a nationwide boom in data centers and artificial intelligence infrastructure. Technology companies expanding facilities to support AI workloads are increasing grid load at a time when households are already facing higher energy costs; electricity prices rose 6.1% in April from a year earlier. Virginia, one of the states served by the combined utility, is home to hundreds of data centers.
NextEra said the combination will help meet growing demand while keeping power affordable. As part of the deal, the company pledged $2.25 billion in one-time bill credits for Dominion customers in Virginia, North Carolina and South Carolina, to be distributed over two years.
John Ketchum, president and CEO of NextEra Energy, said customers need affordable, reliable power now as projects become larger and more complex. But some consumer and advocacy groups caution the credits are temporary and may not lower long-term bills.
Clean Virginia, a nonprofit focused on energy affordability, warned the $2.25 billion is a one-time payout rather than ongoing bill relief. The group also noted NextEra has not committed to reducing its allowed return on equity, a regulator-set profit rate that affects how much utilities can earn on investments included in rate bases. Clean Virginia says rapid utility growth without a meaningful ROE reduction can drive higher long-term costs for consumers.
Company executives say the merger will create scale and resources to support the electricity needs of large customers, including data centers, while continuing investments in the grid. Regulators will review whether the planned combination serves customers’ long-term interests before granting final approval.