NextEra Will Buy Dominion Energy in Largest-Ever Electric Utility Deal

Darrell Proctor

Mon, May 18, 2026 at 9:50 AM EDT 6 min read

Florida-headquartered NextEra Energy, one of the largest U.S. power utilities, is set to buy Virginia-based Dominion Energy in an all-stock deal valued at about $67 billion. The companies announced the deal on May 18, one day after several outlets including POWER reported the energy groups were discussing an agreement to create a utility giant that would have assets from coast to coast. The purchase will create the largest regulated electric utility in the world. Analysts have said the deal is tied to NextEra's goal of being a leading player in supplying power for the energy-intensive data center sector. Dominion, with four million customers in Virginia and the Carolinas, is the utility currently most closely tied to providing electricity for the so-called "Data Center Alley" of Loudon County, Virginia. NextEra's market cap of $195 million makes it the largest U.S. utility by valuation, almost twice as much as Southern Co., the next-largest utility, which has a market cap of about $104 billion. NextEra also is the biggest renewable energy developer in the U.S. The company includes a regulated utility serving about six million customers in Florida. The company also has an unregulated unit focused on renewable energy (click here for a map of NextEra’s operations). The companies on Monday said NextEra shareholders will own 74.5% of the combined company, while Dominion investors will own 25.5%. NextEra has an enterprise value—a financial metric measuring a company’s total economic value—of about $303 billion. About one-third of that value is debt. Dominion’s enterprise value is about $111 billion, with about $50 billion in debt. NextEra CEO John Ketchum said in a statement, "This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. "We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever—not for the sake of size, but because scale translates into capital and operating efficiencies," said Ketchum. "It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run." Robert Blue, chair, president and CEO of Dominion Energy, said, "Dominion Energy and NextEra Energy share a deep commitment to delivering reliable and affordable energy and to the customers and communities we are honored to serve. This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need. "Most importantly, this combination is built around our customers," said Blue. "The bill credits we are committing to, the continued investments in generation, reliability and storm resiliency and our commitments to retain our team and dual headquarters in Juno Beach [Florida] and Richmond [Virginia], as well as Dominion Energy South Carolina's existing operational headquarters in Cayce, reflect the values that have always defined Dominion Energy. We are excited to bring these great companies together and to write the next chapter in every community we serve." The combined companies will operate under NextEra’s name and trade on the New York Stock Exchange. the groups on Monday say they will maintain dual headquarters in Florida and Virginia and operational headquarters in South Carolina. The companies noted they will own 110 GW of power generation capacity across a variety of energy sources.