Dominion Energy to be acquired in $66.8B all-stock deal

Richmond-based Fortune 500 utility Dominion Energy has entered into a definitive agreement to be acquired by Fortune 200 Florida energy company NextEra Energy in an all-stock transaction worth approximately $66.8 billion.

NextEra bills itself as the largest electric power and energy infrastructure company in North America. According to a Monday announcement from the two companies, the merged company would be the world’s largest regulated electric utility business. It would serve about 10 million utility customer accounts across Florida, Virginia and the Carolinas and own 110 gigawatts of generation from a mix of energy sources, and it would be more than 80% regulated. As of late 2024, Dominion provided electricity to 2.7 million customers in Virginia.

According to a Dominion official, the combined company would also be the largest renewable and energy storage operator in the world.

Dominion shareholders will receive 0.8138 shares of NextEra for each Dominion share they own at the transaction’s close. Dominion shareholders will own approximately 25.5% of the merged company, with NextEra shareholders holding approximately 74.5%. NextEra shares were trading for $93.36 at close on Friday.

“Dominion Energy and NextEra Energy share a deep commitment to delivering reliable and affordable energy and to the customers and communities we are honored to serve,” Dominion Energy Chair, President and CEO Robert “Bob” Blue said in a statement. “This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need.”

Unanimously approved by both companies’ boards, the transaction is expected to close in 12 to 18 months, subject to: customary closing conditions and approvals by NextEra and Dominion’s shareholders; the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act; approval by the Federal Energy Regulatory Commission; approval by the Nuclear Regulatory Commission; and approval from the Virginia State Corporation Commission, the North Carolina Utilities Commission and the Public Service Commission of South Carolina.

The combined company, which will operate under the NextEra name and trade under NextEra’s ticker symbol, NEE, on the New York Stock Exchange, will have dual headquarters in Richmond and in Juno Beach, Florida, as well as Dominion Energy South Carolina’s operational headquarters in Cayce, South Carolina. Dominion’s utility companies will continue to operate as Dominion Energy Virginia, Dominion Energy North Carolina and Dominion Energy South Carolina.

John Ketchum, currently chairman, president and CEO of NextEra, will be chairman and CEO of the merged company. Blue will be president and CEO of regulated utilities — overseeing operations for all of NextEra’s utilities, including Dominion Energy’s three state businesses and NextEra subsidiary Florida Power & Light — and a member of NextEra’s board of directors. A Dominion official did not know whether Blue would remain in Richmond or relocate to Florida.

“We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever — not for the sake of size, but because scale translates into capital and operating efficiencies,” Ketchum said in a statement. “It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run. …

“This is a unique situation where we believe one plus one equals three,” Ketchum added. “We are confident that our customers, the communities we serve, our shareholders and our industry-leading teams will all benefit from this combination.”

Ed Baine, currently president of Dominion Energy Virginia and executive vice president of utility operations for Dominion Energy, will be president and CEO of Dominion Energy Virginia. Dominion Energy South Carolina President Keller Kissam will be president and CEO of the South Carolina company.

Scott Bores will be president and CEO of Florida Power & Light, which provides electricity to about 12 million people in Florida and is billed as America’s largest electric utility. Bores was promoted from FPL vice president of finance to president in December 2025.

Dominion’s roughly 15,000 employees will have 18 months of guaranteed employment with their current compensation and benefits after the merger closes, according to a company official, and employees who remain with the combined company following that will have six additional months in which they are guaranteed their current compensation and benefits.

Dominion shareholders will continue to receive Dominion’s current quarterly dividend through closing, plus a one-time cash payment of $360 million distributed equally across all outstanding shares at closing.

NextEra is proposing $2.25 billion in bill credits for Dominion customers in Virginia and the Carolinas, spread over two years post-close. State regulatory commissions would make the final decisions on bill credits.

Brennan Gilmore, executive director of clean energy advocacy group Clean Virginia, said in a statement: “One-time credits are a down payment on political goodwill, not a guarantee of affordability. The question Virginians need answered is simple: What would NextEra charge us to earn its profit, and for how long? That number, return on equity, is absent from everything they’ve said today. Virginians should be extremely skeptical given NextEra’s long history of increasing prices to customers.”

Dominion Energy provides electricity service to 3.6 million homes and businesses in Virginia and the Carolinas, as well as natural gas service to 500,000 customers in South Carolina. The company reported $16.5 billion in 2025 revenue.

Although under litigation with the Trump administration, Dominion’s Coastal Virginia Offshore Wind project began delivering electricity to the grid in March. The 2,600-megawatt offshore wind farm is under construction, with nine turbines installed to date, according to the company.

The merger will not change Dominion Energy Virginia’s plans regarding new power plants, and proposed projects and those under development will continue to move forward, according to an official.

In addition to FPL, NextEra Energy says it owns the United States’ largest energy infrastructure development company, NextEra Energy Resources. NextEra Energy reported $27.4 billion in 2025 operating revenue.