Power giants unite: NextEra and Dominion form the world’s largest regulated electric utility

NextEra Energy will acquire Dominion Energy in an all‑stock, tax‑free deal, creating the world’s largest regulated electric utility and a premier North American energy infrastructure platform with about 10 million customer accounts across four states. The merger uses a fixed exchange ratio of 0.8138 NextEra shares per Dominion share, resulting in ~74.5% ownership for NextEra and ~25.5% for Dominion, and is expected to close in 12–18 months. The combined company will be more than 80% regulated, own about 110 GW of generation, and pursue ~11% annual growth in regulatory capital employed through 2032, supported by $2.25 billion in bill credits for Dominion customers and enhanced cost efficiencies. Leadership, dual headquarters in Juno Beach and Richmond, and regulatory approvals are outlined, with anticipated credit-rating improvements and dividend growth continuing post‑close.