NextEra Energy and Dominion Energy File Merger Applications to Strengthen Renewable Energy, Battery Storage, and Grid Expansion

NextEra Energy and Dominion Energy have filed applications with federal and state regulators seeking approval for their proposed merger, marking a significant step toward creating one of the largest integrated energy companies in the United States.

The applications have been submitted to the Virginia State Corporation Commission, North Carolina Utilities Commission, Public Service Commission of South Carolina, Federal Energy Regulatory Commission (FERC), and the Nuclear Regulatory Commission (NRC). The transaction, which has already received unanimous approval from the boards of both companies, is expected to close in the second half of 2027, subject to shareholder and regulatory approvals.

The proposed combination aims to strengthen the companies’ ability to meet rapidly growing electricity demand by combining Dominion Energy’s regional utility operations with NextEra Energy’s financial strength, infrastructure development expertise, and renewable energy capabilities. The merged company would serve approximately 10 million customer accounts across four U.S. states and own or operate more than 110 GW of electricity generation capacity, spanning renewable energy, battery storage, nuclear power, and natural gas.

As part of the proposal, customers in Virginia, North Carolina, and South Carolina would receive US$2.25 billion in shareholder-funded bill credits during the first two years following the transaction’s completion. The companies also committed that merger-related costs, including transaction, financing, restructuring, and acquisition expenses, will not be passed on to customers.

The companies stated that Dominion Energy’s regulated utilities will continue to operate under local leadership and remain separately regulated by state commissions. The combined organization will maintain dual corporate headquarters in Richmond, Virginia, and Juno Beach, Florida, along with an operational headquarters in Cayce, South Carolina. Dominion Energy employees will receive job protections, including 18 months of employment security, while eligible non-union employees will retain current compensation and comparable benefits for two years after the transaction closes.

The merger is also expected to enhance long-term affordability and grid reliability through increased purchasing power, broader supply chain capabilities, improved access to capital, and greater operational efficiencies. By combining NextEra Energy’s expertise in utility-scale solar, battery storage, grid modernization, and infrastructure development with Dominion Energy’s regional utility experience and generation portfolio, the companies aim to accelerate investments in energy infrastructure needed to support rising electricity demand.

In addition, the combined company plans to expand community investments by increasing Dominion Energy’s shareholder-funded charitable contributions by US$10 million annually for five years across Virginia, North Carolina, and South Carolina.

Commenting on the proposed transaction, John Ketchum, Chairman, President and CEO of NextEra Energy, said the merger would combine the strengths of two leading energy companies to better meet growing electricity demand while maintaining affordability and reliability. He noted that the larger platform would improve the companies’ ability to develop and finance renewable energy, battery storage, nuclear, natural gas, and transmission infrastructure.

Robert Blue, Chair, President and CEO of Dominion Energy, said the transaction is designed to preserve Dominion Energy’s local operations, workforce, and regulatory oversight while providing additional financial and operational capabilities to efficiently build new infrastructure and support customers, employees, and communities over the long term.