NextEra Energy agreed to acquire Dominion Energy in a $66.8 billion all-stock transaction that will create one of the world’s largest electric utility companies. The combined business will have an enterprise value of roughly $420 billion and become the third-largest U.S. energy company behind Exxon Mobil and Chevron.
The merger is driven by rapidly rising electricity demand tied to artificial intelligence infrastructure and data center expansion, particularly in Virginia, home to one of the world’s largest data center hubs. NextEra will gain access to Dominion’s contracted data-center capacity and relationships with major technology companies including Amazon, Microsoft, Alphabet, and Meta.
The companies said the deal includes $2.25 billion in customer bill credits and is expected to close within 12 to 18 months pending regulatory and shareholder approval. Analysts view the transaction as part of a broader consolidation trend across U.S. utilities as AI-driven electricity demand accelerates.
