Record-Size Utility

NextEra and Dominion announce merger

NextEra Energy, Inc., and Dominion Energy, Inc., announced May 18 that they have entered into a definitive agreement to combine in an all-stock transaction.

Dominion Energy shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion Energy they own at the close of the transaction, resulting in NextEra Energy and Dominion Energy shareholders owning approximately 74.5% and 25.5% of the combined company, respectively.

The combination will create the world's largest regulated electric utility business, fortified by North America's premier energy infrastructure platform and developer.

The combined company will be more than 80% regulated, serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina and own 110 gigawatts (GW) of generation across a broad mix of energy sources.

The combined company will drive affordability in the long term by leveraging scale and operating and capital efficiencies as the company makes smart investments on behalf of its customers to meet growing power demand.

Additionally, the combined company is proposing $2.25 billion in bill credits for Dominion Energy's customers in Virginia, North Carolina and South Carolina spread over two years post-close.

NextEra is headquartered in Juno Beach, Florida, while Dominion's operations are spearheaded from Richmond, Virginia.