NextEra Energy and Dominion Energy have filed applications with multiple regulatory bodies seeking approval for their proposed merger, which is intended to address rising power demand in four high-growth US states and maintain affordability for customers.
Applications were submitted to the Virginia State Corporation Commission, the Public Service Commission of South Carolina, the North Carolina Utilities Commission, the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission.
If approved, the merged entity would create a regulated electric utility serving around ten million customer accounts across Florida, North Carolina (NC), Virginia, and South Carolina (SC).
The companies plan to operate more than 110GW of electric generation capacity, spanning renewables, battery storage, nuclear and gas-fired power.
As announced in May, NextEra and Dominion reached an agreement to combine in an all-stock transaction valued at $66.8bn.
Following the transaction, NextEra shareholders are expected to own approximately 74.5% of the combined group, while Dominion shareholders will hold around 25.5%.
The transaction has received unanimous board approval from both companies and is expected to close in the second half of 2027, pending customary conditions and regulatory clearance.
This merger is designed to leverage NextEra’s resources and operational experience, together with Dominion’s local knowledge and workforce.
Dominion’s local operating companies would remain separately regulated and locally led. The headquarters would be jointly located in Richmond, Virginia, and Juno Beach, Florida, with an operations hub in Cayce, SC.
Dominion customers in Virginia, NC and SC are set to receive $2.25bn in bill credits, funded by shareholders, within two years after completion of the merger.
According to the companies, these bill credits are not recoverable from customers and no merger-related costs will be passed on to the consumer.
NextEra Energy chairman, president and CEO John Ketchum said: “This combination is about putting scale and a stronger, more comprehensive platform behind Dominion Energy’s local teams so they can meet growing power demand while keeping bills affordable and service reliable.”
The combined company plans to retain all existing collective bargaining agreements and will provide Dominion employees with at least 18 months of job protection following completion.
