NextEra Energy has agreed to acquire Dominion Energy in a $66.8 billion all-stock transaction. The deal will create one of the largest utility and energy infrastructure companies in the United States.
The merger reflects growing investment across the power sector as utilities prepare for rising electricity demand from data centers and artificial intelligence applications. Together, NextEra and Dominion report about 130 GW of proposed data center load seeking grid connections. Dominion alone has nearly 51 GW of contracted data center capacity.
The acquisition will expand NextEra’s footprint into the PJM Interconnection market. PJM operates the nation’s largest power grid and serves 13 states. The transaction will also strengthen NextEra’s presence in Virginia, home to the world’s largest concentration of data centers.
NextEra currently serves more than 12 million people through its Florida utility operations. Dominion provides electricity to about 3.6 million customers in Virginia, North Carolina, and South Carolina. The combined company will have an enterprise value of approximately $420 billion.
The companies expect the merger to close within 12 to 18 months. Regulators must approve the transaction before completion. Reviews will involve the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, and state utility commissions.
The deal follows a broader consolidation trend in the US power sector. Utilities and infrastructure investors continue to expand their portfolios to support grid upgrades, new generation capacity, and growing data center demand.