NextEra Energy and Dominion Energy have announced plans to combine in an all-stock transaction valued at about $67 billion, creating what the companies describe as the world’s largest regulated electric utility business by market capitalization. The proposed combination would carry an enterprise value of roughly $420 billion, highlighting both the scale of the deal and its importance for the broader U.S. power sector.
Under the agreement, Florida-based NextEra Energy would acquire Virginia-based Dominion Energy in a stock-for-stock deal. NextEra is already the largest utility in the S&P 500 by market value, at roughly $190 billion to $195 billion in recent trading, while Dominion adds a large, regulated customer base and a strategic position in the fast-growing Mid-Atlantic power market. Together, the companies would serve approximately 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina.
The proposed merger is especially significant because both companies are deeply involved in meeting electricity demand from data centers, one of the fastest-growing sources of power consumption in the United States.
Announcing the transaction, NextEra CEO John Ketchum said rising electricity demand, larger projects, and greater complexity make scale increasingly important. In that context, the companies argue that combining their operations would improve their ability to build, finance, and operate major energy infrastructure efficiently while supporting long-term affordability and reliability for customers.
NextEra has built a growing portfolio of energy agreements tied to major technology customers. The company has said it has about 3 GW of energy projects executed with Google across the country, including a 25-year agreement tied to the planned restart of the Duane Arnold Energy Center in Iowa. NextEra has also broadened its relationship with Meta through a clean-energy portfolio that reached approximately 2.5 GW in late 2025.
Dominion Energy occupies a central role in Virginia’s data center economy, particularly in Northern Virginia’s “Data Center Alley,” widely regarded as the world’s largest data center market. Public reporting in early 2026 indicated that the company served roughly 450 data centers in Virginia and had contracted data center capacity approaching the high-40-gigawatt range.
The merger still requires approval from federal and state regulators, as well as shareholders of both companies, before it can close. Company materials indicate the transaction is expected to close in the second half of 2027, although the review process is likely to draw scrutiny because of the deal’s size, geographic reach, and possible implications for customer rates, generation planning, and grid reliability.
