-- Creates the world's largest regulated electric utility business by
market capitalization and one of the world's largest energy
infrastructure companies with an unmatched operating platform benefiting
customers
-- Combined company's customers will benefit over time from its enhanced
scale in operations, procurement, construction and financing, enabling it
to more cost-effectively meet increased electric demand for approximately
10 million customer accounts
-- Driving affordability through proposed $2.25 billion in bill credits
spread over two years post-close for Dominion Energy's customers in
Virginia, North Carolina and South Carolina and enhanced operating and
capital efficiency over the long term
-- Companies to maintain dual headquarters in Florida and Virginia and
operational headquarters in South Carolina, while providing robust
employee protections and enhanced charitable giving
-- NextEra Energy expected to improve its existing credit rating
thresholds, while Dominion Energy and Dominion Energy Virginia expected
to benefit from improved ratings and related reductions in financing
costs, further helping keep customer bills more affordable
-- All-stock transaction is expected to be tax-free to shareholders and
immediately accretive at closing to adjusted earnings per share
-- Combined company operations will be more than 80% regulated with a
focus on four of the fastest-growing states in the country, supporting
expected 11% annual growth in regulatory capital employed
-- The combined company will benefit from the industry's most diversified
growth platform, driving 9%+ adjusted earnings per share growth
expectations through 2032
JUNO BEACH, Fla. & RICHMOND, Va.--(BUSINESS WIRE)--May 18, 2026--
NextEra Energy, Inc. $(NEE)$ and Dominion Energy, Inc. $(D)$ today announced that they have entered into a definitive agreement to combine in an all-stock transaction.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260517952728/en/
Dominion Energy shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion Energy they own at the close of the transaction, resulting in NextEra Energy and Dominion Energy shareholders owning approximately 74.5% and 25.5% of the combined company, respectively.
The combination will create the world's largest regulated electric utility business, fortified by North America's premier energy infrastructure platform and developer. The combined company will be more than 80% regulated, serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina and own 110 gigawatts (GW) of generation across a broad mix of energy sources. The combined company will drive affordability in the long term by leveraging scale and operating and capital efficiencies as the company makes smart investments on behalf of its customers to meet growing power demand. Additionally, the combined company is proposing $2.25 billion in bill credits for Dominion Energy's customers in Virginia, North Carolina and South Carolina spread over two years post-close.
With growth drivers evenly balanced between regulated and long-term contracted businesses and more than 130 GW of large-load opportunities in its pipeline, the combined company will have a broader opportunity set, more ways to grow and the scale, balance sheet and best-in-class operating, supply chain, construction and technology capabilities to deliver the generation, transmission and grid investments needed to serve customers, support economic growth and cost-effectively meet surging power demand while keeping bills affordable.
The transaction is structured as a 100% stock-for-stock transaction and is expected to be tax-free to shareholders. The combined company will operate under the NextEra Energy name and trade on the New York Stock Exchange under the ticker symbol NEE. It will have a significant local presence, with dual headquarters in Juno Beach, Florida, and Richmond, Virginia, and Dominion Energy South Carolina's existing operational headquarters in Cayce, South Carolina. Dominion Energy's utility companies will continue to operate as Dominion Energy Virginia, Dominion Energy North Carolina and Dominion Energy South Carolina. John Ketchum will serve as chairman and chief executive officer (CEO) of the combined company, and Robert Blue will serve as president and CEO of regulated utilities and as a member of the board of directors. Edward Baine will be president and CEO of Dominion Energy Virginia, Keller Kissam will be president and CEO of Dominion Energy South Carolina and Scott Bores will be president and CEO of Florida Power & Light Company.
A word from John Ketchum, chairman, president and CEO of NextEra Energy:
"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. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.
"The Dominion Energy name isn't changing, nor is how we operate locally, serve our customers or engage with the community. The same leaders and the same teams customers know and trust will continue serving Virginia, North Carolina and South Carolina. Both companies put our customers and teams first, as well as the communities we serve.
"By uniting two industry leaders with 238 years of collective experience, this combination creates a stronger company for customers and a stronger long-term value proposition for shareholders. Customers will benefit from $2.25 billion in bill credits and over time from the scale, operating and capital efficiencies this combination unlocks. They will also benefit from the shared expertise and best practices of America's leading regulated utilities, laser-focused on low customer bills, customer service, storm resiliency and reliability, making the customer experience seamless in the near term and best in class over time. Shareholders will benefit from a broader regulated growth runway, a larger opportunity set and a more diversified platform. This is a unique situation where we believe one plus one equals three. We are confident that our customers, the communities we serve, our shareholders and our industry-leading teams will all benefit from this combination."
A word from Robert Blue, chair, president and CEO of Dominion Energy:
"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. 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 and Richmond, 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."
Strategic rationale
The combination brings together two complementary industry-leading companies and four high-quality regulated platforms that have virtually no operational overlap, creating an even stronger customer value proposition, a broader growth platform and a larger, more diversified opportunity set for shareholders.
-- America's leading regulated utility platform. Approximately 10 million
utility customer accounts across four high-growth states with
constructive regulatory environments and diversified growth coming from
every sector
-- Combination of best-in-class operations and development capabilities
with increased scale creating an unmatched platform to cost-effectively
meet the country's need for power. Scale will enable the combined company
to buy, build, finance and operate more efficiently, which translates
into real savings for customers over time
-- World-class supply chain. Robust and wide-ranging supply chain with
unmatched buying power
-- Industry leader in data and analytics. Unparalleled data and data
analytics capabilities to build the right projects, at the right time, in
the right locations using AI to drive efficiencies in development,
construction and operations
-- Growth anchored by the nation's largest regulated capital plan.
Combined rate base of $138 billion expected to grow at approximately 11%
through 2032 by investing smartly and efficiently for the benefit of
customers
-- Unmatched diversification and leading large-load opportunity. More than
15 ways to grow, anchored by a more than 130-GW large-load pipeline
-- An industry leader in nearly every category. No. 1 in the world in
renewables and battery storage, No. 1 in the U.S. in gas generation, No.
2 in the U.S. in nuclear generation, No. 1 in the U.S. in total
generation, generation built, annual CapEx, rate base and market
capitalization
(MORE TO FOLLOW) Dow Jones Newswires
May 18, 2026 07:31 ET (11:31 GMT)
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