NextEra Energy and Dominion Energy have signed a definitive agreement to merge in an all-stock transaction. The deal creates the world's largest regulated electric utility, operating under the NextEra Energy name. The combined company will maintain headquarters in both Florida and Virginia.
The new entity will serve approximately 10 million customers across Florida, Virginia, North Carolina, and South Carolina. Total power generation capacity will reach about 110 gigawatts.
Under the agreement, Dominion shareholders will receive 0.8138 NextEra shares for each share held. NextEra shareholders will own 74.5% of the combined company, while Dominion shareholders will own 25.5%.
The companies proposed $2.25 billion in bill credits for Dominion customers over two years following the deal's closure. The merger remains subject to shareholder and regulatory approvals.