NextEra Energy and Dominion Energy Unveil Virginia Package to Accelerate Clean Energy and Storage

NextEra Energy and Dominion Energy have announced an expanded benefits package tied to their proposed combination, outlining additional commitments aimed at lowering residential energy costs, accelerating clean energy development and creating jobs across Virginia. The companies said the package was developed in response to feedback from policymakers and other stakeholders.

Under the proposal, residential customers would receive $10 per month in bill credits for four years, doubling the previously proposed two-year period. The companies plan to work with the Virginia State Corporation Commission (SCC) to redirect credits that otherwise would have gone to large-scale data centers toward additional residential customer relief while increasing the overall shareholder-funded customer credit amount.

The companies also plan to increase funding for EnergyShare, Dominion Energy’s shareholder-funded energy bill assistance program, by $100 million through 2038. They reaffirmed that customers would not bear costs associated with the proposed transaction.

Clean Energy and Storage Development

The proposed package includes plans to accelerate the development of new generation and energy infrastructure across Virginia, including solar, battery storage, dispatchable resources and nuclear energy. NextEra Energy and Dominion Energy said they would use their combined supply chains, construction capabilities and experience to advance renewable energy and storage projects in accordance with the Virginia Clean Economy Act.

The companies also reiterated support for measures intended to ensure that residential and small-business customers are protected from costs associated with serving large-scale data centers.

1,000 New Jobs and Richmond Expansion

As part of the package, NextEra Energy would maintain its current Virginia employee headcount levels for five years and add 600 new NextEra Energy jobs in the state. Suppliers working with the company are expected to create another 400 jobs. A new NextEra Energy office tower would also be constructed beside Dominion Energy’s existing headquarters in Richmond as part of the combined company’s co-headquarters.

The Richmond operations are expected to support activities including renewable energy development, battery storage operations, supply-chain management, nuclear and small modular reactor innovation, enterprise technology and cybersecurity.

$100 Million Workforce Investment and Supplier Program

The companies have proposed a $100 million workforce development investment in Virginia, including career development, hands-on training and apprenticeship initiatives. An independent organization would also be established to manage a workforce development fund involving representatives from Virginia’s educational and technical institutions.

In addition, the companies plan to establish a Virginia Supplier Program involving spending commitments of up to $1 billion annually for five years to support cost-competitive contractors, suppliers and service providers operating in the state.

Dominion Energy Virginia to Remain Locally Led

Under the proposed combination, Dominion Energy Virginia would retain its name and remain locally led, separately regulated and accountable to the SCC. The companies also plan to maintain dual headquarters in Richmond, Virginia, and Juno Beach, Florida, while preserving Dominion Energy Virginia’s local leadership and Virginia-based board structure.

The proposed transaction remains subject to regulatory approvals, antitrust review and other customary closing conditions. The companies have submitted additional information about the expanded benefits package to the SCC, with the commitments contingent on approval and completion of the transaction.

NextEra Energy and Dominion Energy currently expect the proposed combination to close in the second half of 2027.