NextEra Energy will acquire Dominion Energy in an all-stock transaction valued at $67 billion. This merger creates a utility giant with a generation capacity of 110 gigawatts. The combined entity will serve approximately 10 million customers.
The acquisition targets surging electricity demand from rapid AI data center expansion. Dominion's service area includes Northern Virginia’s massive data center alley. NextEra expects the deal to be immediately accretive to earnings per share.
The company aims to meet significant queued power demand within the PJM Interconnection grid. Both corporate boards have approved the transaction. The deal awaits shareholder and regulatory approval over the next 12 to 18 months.