NextEra Energy Buys Dominion Energy in $67B Deal to Lead AI Power Race
NextEra EnergyNEE agreed to acquire Dominion EnergyD in an all-stock deal worth nearly $67B, the companies announced this week.
The transaction creates what the companies describe as the world's largest regulated electric utility.
Dominion is the utility serving Northern Virginia, home to the world's largest data center market.
NextEra shareholders will own 74.5% of the combined company, with Dominion investors holding the remaining 25.5%.
The merged entity will rank first globally in renewable energy and battery storage, lead the US in natural gas generation, and take second place in nuclear power.
Power Demand Is Driving the Push
"Electricity demand is rising faster than it has in decades," NextEra CEO John Ketchum said.
NextEra has been expanding beyond its renewable energy roots, ramping up natural gas investment during the second Trump administration.
The company also struck a deal in 2025 to reopen the Duane Arnold nuclear plant in Iowa with Alphabet's GoogleGOOGL.
It plans to build more than 30 data center hubs across the US to meet growing AI power demand.
Ketchum will continue leading the combined company. Dominion CEO Robert Blue will run the regulated utilities business and join the board.
The Scale of the Combined Company
Dominion carries a market cap of more than $50B. NextEra, headquartered in Florida, is already the largest utility in the S&P 500 at a market cap of more than $190B.
Shares of Dominion surged more than 15% in pre-market trading following the announcement. NextEra's stock was mostly flat.
The combined company will operate under NextEra's name and trade under its existing ticker on the New York Stock Exchange.
With grid access spanning the country's most power-hungry corridor and generation capacity across renewables, gas, and nuclear, the merged utility enters the AI era as the single largest regulated power provider in the world.