NextEra Energy and Dominion Energy have signed a definitive agreement to combine through an all-stock transaction that would create what the companies describe as the world’s largest regulated electric utility business.
Under the agreement, Dominion Energy shareholders will receive 0.8138 shares of NextEra Energy for each Dominion Energy share they hold. After completion, existing NextEra Energy shareholders are expected to own about 74.5 percent of the combined company, while Dominion Energy shareholders will hold about 25.5 percent.
The combined company will operate under the NextEra Energy name and serve approximately 10 million customer accounts in Florida, Virginia, North Carolina and South Carolina.
The boards of both companies have unanimously approved the transaction. Completion is expected within 12 to 18 months, subject to shareholder and regulatory approvals.
The companies said the merged business would own around 110 GW of generation capacity and would be more than 80 percent regulated.
Dominion Energy owns the 12 MW Coastal Virginia Offshore Wind pilot project and is building the 2.6 GW Coastal Virginia Offshore Wind commercial project, which is expected to become the largest offshore wind farm in the United States.
Offshore construction at the Virginia Beach project site began in 2024 and is now at an advanced stage. The first wind turbine was installed in January this year, and the project produced first power in March.
Once fully commissioned, expected in early 2027, the 2.6 GW offshore wind farm will be able to generate enough electricity to power more than 900,000 homes, according to the developer.
