NextEra agreed to combine with Dominion Energy, the Virginia-based regulated utility serving customers in Virginia, North Carolina and South Carolina, in a two-step merger (Merger Sub Corp into Dominion, then the survivor into LLC Sub). The companies described the combination as creating the world's largest regulated electric utility business by market capitalization, with a combined rate base of about $138 billion expected to grow ~11% through 2032 and operations more than 80% regulated.
Why it was attractive
- 01 Adds a large
- 02 growing regulated rate base in four of the fastest-growing U.S. states and an offshore-wind platform
- 03 lifting combined operations to more than 80% regulated
Capabilities acquired
regulated electric distribution and transmissionregulated natural gasoffshore windgeneration development across the Southeast and mid-Atlantic
This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever — not for the sake of size, but because scale translates into capital and operating efficiencies.
The Dominion Energy name isn't changing, nor is how we operate locally, serve our customers or engage with the community. The same leaders and the same teams customers know and trust will continue serving Virginia, North Carolina and South Carolina.