NextEra Energy and Dominion Energy agreed on 18 May 2026 to combine in an all-stock transaction that the companies said would create the world's largest regulated electric utility business by market capitalisation.
Why NextEra Energy, Inc. is buying Dominion Energy, Inc.
The companies argued that scale in procurement, construction and financing would let the combined group meet fast-rising electricity demand more cheaply. The enlarged company would be more than 80% regulated, own about 110 GW of generation and have more than 130 GW of large-load opportunities in its pipeline.
Deal terms and financing
Dominion shareholders will receive a fixed 0.8138 NextEra shares for each share, leaving them with about 25.5% of the combined company. The deal is designed to be tax-free and immediately accretive to adjusted earnings per share. The group will trade as NextEra Energy under the ticker NEE, with dual headquarters in Juno Beach, Florida and Richmond, Virginia; John Ketchum will be chairman and chief executive.
Regulatory approvals and timing
Closing requires shareholder votes, Hart-Scott-Rodino clearance, FERC approval under Section 203 of the Federal Power Act, Nuclear Regulatory Commission consent and state approvals. Shareholders of both companies backed the merger on 3 September 2026; the Virginia State Corporation Commission review, in which Governor Abigail Spanberger intervened in August, was still pending in October.
Market context
The companies did not publish a deal value, but the transaction has been widely reported at about $67bn, which local coverage described as the largest utility merger in US history.
