NextEra Energy has a market capitalization of $195 billion, and Dominion Energy has a market cap of $54 billion
US power giants NextEra Energy (market capitalization of $195 billion) and Dominion Energy (market cap of $54 billion) announced a mega merger on Monday. It would create the world’s largest regulated electric utility business.
The combined company would also become the world’s largest player in renewable energy and battery storage, the largest operator of natural gas-fired power generation, and the second-largest player in nuclear energy.
The massive deal addresses skyrocketing electricity demand driven by AI, manufacturing, and electric vehicles. The companies together will own 110 gigawatts of generation capacity and serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina, and South Carolina.
To ease the regulatory path and benefit consumers facing rising power prices, the companies are proposing to provide $2.25 billion in electric bill credits spread over two years for Dominion customers in Virginia, North Carolina, and South Carolina.
If regulators approve the transaction, the companies hope to close it in 12 to 18 months.