NextEra Energy has agreed to acquire Dominion Energy in an all-stock deal valued at about $67bn, a transaction that would create the largest regulated electric utility in the world.
Under the terms, Dominion shareholders will receive 0.8138 of a NextEra share for each share they hold, valuing Dominion at $75.97 a share. That represents a premium of roughly 23 per cent over its recent trading price.
The combined company would have a stock-market value of around $249bn and an enterprise value, which includes debt, of about $420bn. NextEra’s existing shareholders would own 74.5 per cent of the merged group, with Dominion’s investors holding the remaining 25.5 per cent.
Executives framed the deal as a response to a sharp rise in electricity demand, driven in large part by the construction of data centres to train and run artificial-intelligence systems. After two decades of broadly flat consumption, US utilities are racing to add generating capacity and strengthen their grids.
NextEra, based in Florida, is already one of the world’s largest operators of wind and solar generation. Dominion serves customers across Virginia and the Carolinas, a region that has become a hub for data-centre construction.
The companies said the transaction was expected to close in mid-to-late 2027, subject to approval from shareholders and from federal and state regulators. Utility mergers of this scale typically face lengthy scrutiny, with regulators weighing the effect on customer bills and reliability.
The agreement is the largest in the history of the US electric-utility industry and is likely to intensify debate over how the cost of meeting AI-driven demand will be shared between data-centre operators and ordinary ratepayers.