(The Center Square) – Dominion Energy announced Monday it plans to combine with Florida-based NextEra Energy in a deal the companies say would create the world’s largest regulated electric utility business.
The all-stock transaction would combine major utility operations across Virginia, North Carolina, South Carolina and Florida while placing the merged company under the NextEra Energy name and New York Stock Exchange ticker NEE.
The companies said Dominion customers in Virginia, North Carolina and South Carolina would receive $2.25 billion in bill credits spread over two years after the deal closes.
The merger would keep dual headquarters in Richmond and Juno Beach, Florida, according to the companies.
Dominion Energy President and CEO Robert Blue would become president and CEO of the combined regulated utilities business and serve on the board of directors, while NextEra Chairman and CEO John Ketchum would lead the combined company.
The companies said the combined utility platform would serve about 10 million customer accounts and operate with more than 80% regulated operations.
In a joint announcement, the companies tied the merger to rising electricity demand and large-scale infrastructure needs across the Southeast.
“Electricity demand is rising faster than it has in decades,” Ketchum said in a statement. “Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now.”
The announcement comes as Virginia lawmakers, regulators and utilities continue debating how to pay for major electric grid upgrades tied to population growth, economic development and expanding energy demand from data centers.
During the 2026 legislative session, lawmakers passed multiple bills focused on transmission planning, utility cost allocation and high-energy-use facilities as concerns grew over whether residential customers could end up paying for infrastructure tied to large power users.
Recent reports from energy and environmental groups have also warned that transmission bottlenecks and delayed grid upgrades are slowing energy projects in Virginia and increasing pressure on the regional electric system operated by PJM Interconnection.
The merger still requires approval from shareholders, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Virginia State Corporation Commission and utility regulators in North Carolina and South Carolina.
The companies said the deal is expected to close within 12 to 18 months.
