Florida-based NextEra energy seeks merger with Dominion

Virginia’s largest power company announced on May 18 that it wants to be become part of the largest electric company in North America as part of a merger.

NextEra Energy is based in Juno Beach, Florida and will acquire Dominion Energy but ratepayers won’t immediately notice changes according to initial reports.

“The Dominion Energy name isn’t changing, and the combination will not affect how we operate locally, serve our customers, or engage with the community,” reads a notice on the Dominion website.

State and federal regulators must approve the deal. If they do, NextEra Energy shareholders will own 74.5 percent of the combined company. This will include the Federal Energy Regulatory Committee, the Nuclear Regulatory Commission, and the Virginia State Corporation Commission.

The two companies have a combined rate base of $138 billion and that is projected to grow 11 percent through 2032.

The move comes with a promise of $2.25 billion in bill credits across two years for customers in Virginia, North Carolina, and South Carolina. There is also a promise of an additional $10 million a year in charitable giving.

The chief executive officer of NextEra Energy said the larger company will be better positioned to meet growing demands for electricity.

“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,” said John Ketchum in a release. “It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.”

Dominion Energy will continue to be headquartered in Richmond.

For more information, take a look at a fact-sheet or the larger release.

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