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The agreement centers on NextEra’s efforts to meet the demand for electricity in data centers created by Big Tech, particularly in the education and deployment of AI technology.
Updated on May 18, 2026
NextEra Energy wants to acquire Dominion Energy in an all-stock deal valued at about $67bn, creating a major energy company as artificial intelligence (AI) technologies are much needed in the United States.
This is one of the largest mergers so far this year and could create the world’s largest energy management business by capitalization, the companies said on Monday.
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The combined company will serve over 10 million customers in the US states of Florida, Virginia, North Carolina and South Carolina. The region has a growing population and the world’s largest data center, located in Virginia.
The deal will create a fast-track grid to supply power to data centers that want to connect with NextEra and Dominion, totaling about 130 gigawatts of electricity, company executives said.
One gigawatt can power about 750,000 homes.
The merger furthers NextEra’s efforts to meet the demand for electricity in data centers created by Big Tech, particularly in the education and deployment of AI technology. Last year, the Florida company signed a deal with Alphabet’s Google to reopen a nuclear plant in Iowa. It has also been announced as the developer of a Japanese-backed, gas-fired data center in Texas and Pennsylvania.
Virginia-based Dominion has about 51 gigabytes of contracted data centers and counts Alphabet, Amazon, Microsoft, Meta, Equinix, CoreWeave and CyrusOne as customers.
The potential merger of the two companies comes at a time when consumers worried about rising energy bills are pushing back against AI-powered data centers. Some governors, attorneys general and others who oppose rising energy bills say the poor are trapped in a broken system.
Officials and lawmakers in at least six states — including Arizona, Indiana, Maryland, New Jersey, New York and Pennsylvania — are going the extra mile to try to block rate increases proposed by unions. Some are pushing tools to completely change their fundraising models for machine upgrades.
‘Scale matter’
Dominion shareholders will receive a fixed dividend of 0.8138 NextEra Energy shares for each Dominion share they own. Dominion shareholders will continue to receive Dominion’s current dividend at closing, as well as a one-time payment of $360m at closing.
NextEra shareholders will own 74.5 percent of the combined business, while Dominion shareholders will own 25.5 percent.
NextEra CEO John Ketchum will serve as chairman and CEO of the combined company.
“We’re bringing NextEra Energy and Dominion Energy together because growth is more important than ever—not for the sake of growth, but because growth means more money and efficiency. It helps us buy, build, finance and operate more efficiently, which ultimately translates to cheaper electricity for our customers,” Ketchum said in a statement.
The combined company will have two headquarters in Juno Beach, Florida, and Richmond, Virginia. It will also maintain Dominion Energy South Carolina’s operating headquarters in Cayce, South Carolina.
The business will use the NextEra name and trade under the symbol “NEE” on the New York Stock Exchange. Its board of directors will include 10 directors from NextEra and four from Dominion.
The deal, which was approved by the boards of both companies, is expected to close in 12 to 18 months. It is still subject to approval by NextEra and Dominion’s shareholders, as well as various approvals, including approval by the Nuclear Regulatory Commission.
Shares of Dominion jumped more than 9.61 percent in morning trading, while NextEra stock fell 5 percent.
The acquisition of Dominion by NextEra is the latest in a series of US corporate mergers as the construction of server buildings across the country opens up new revenue streams.
This year, AES Corp agreed to be bought by a consortium led by Global Infrastructure Partners and Swedish company EQT AB for $33.4bn. This followed Constellation Energy’s $16bn deal with Calpine and Blackstone’s $11.5bn deal for TXNM Energy last year.
