NextEra Energy and Dominion Energy announced a definitive merger agreement on May 18, 2026, combining into the world's largest regulated electric utility. Dominion shareholders will receive 0.8138 NextEra shares plus a $360 million one-time cash payment, leaving NextEra investors with 74.5% of the merged company and Dominion holders with 25.5%.
The combined business will own 110 gigawatts of generation and serve roughly 10 million customer accounts across Florida, Virginia, North Carolina and South Carolina, with more than 80% of activity regulated. Dual headquarters will be kept in Juno Beach, Florida and Richmond, Virginia, with operational HQ in Cayce, South Carolina. NextEra CEO John Ketchum will lead the company; Dominion's Robert Blue will run utilities operations as president and COO.
The deal is expected to close in 12 to 18 months, subject to federal and state regulatory approvals. NextEra committed to $2.25 billion in bill credits spread over two years for Dominion customers in Virginia, North and South Carolina, and pledged to retain all Dominion employees for at least 18 months after closing.