Building a stronger company to meet growing power demand
Rapid economic growth requires more power. NextEra Energy and Dominion Energy have entered into an agreement to combine to create a company with the resources, expertise and people to build and maintain the grid of tomorrow.
Building a stronger company to meet growing power demand
Rapid economic growth requires more power. NextEra Energy and Dominion Energy have entered into an agreement to combine to create a company with the resources, expertise and people to build and maintain the grid of tomorrow.
Good for Customers
Immediate Rate Relief
Dominion Energy customers in Virginia, North Carolina and South Carolina would receive shareholder-funded bill credits designed to reduce the average residential bill following the close of the transaction.
Long-term Affordability and Reliability
The benefits extend beyond the initial credits. The combined company’s greater purchasing power, broader supply chain visibility, increased access to capital, project-execution capabilities and larger operating platform are expected to help meet growing power demand affordably while maintaining service quality and reliability.
Large-Load Customers Pay Their Fair Share
Both companies are committed to both serving large-load customers and maintaining affordability for existing customers. This means large-load customers must pay their fair share.
Leveraging Strengths
The proposed combination is designed to preserve Dominion Energy’s local strengths with NextEra Energy’s added resources, balance sheet strength, supply chain expertise, construction experience and operating capabilities to help meet that demand reliably and affordably over the long term.
Building Critical Energy Infrastructure
The combined company expects to deploy approximately $59 billion in smart capital investments annually from 2027 through 2032 for the benefit of customers.
An All-of-the-Above Energy Platform
Through its regulated utilities and subsidiaries, the combined company would own or operate more than 110 gigawatts of electric generating resources across renewables, battery storage, nuclear and natural gas.
Customer Service and Storm Response
The combination would provide access to a larger regulated utility platform, drawing on best practices across FPL and Dominion Energy’s operating companies in customer service, storm restoration, grid modernization, workforce tools, data analytics, artificial intelligence and process improvement.
Serving Four Fast-Growing States
The combined company would serve approximately 10 million customer accounts across four of the nation’s fastest-growing states and be better positioned to buy, build, finance and operate the energy infrastructure customers need more efficiently and affordably.
Maintaining a Strong Local Presence
The combined company will maintain dual corporate headquarters in Richmond, Virginia, and Juno Beach, Florida, and an operational headquarters in Cayce, South Carolina.
Continuity for Customers
Customers across Virginia, North Carolina and South Carolina would continue to be served by the same local leaders and teams they know and trust today.
Good for Employees, Communities & Shareholders
Bringing together two industry-leading teams
Supporting communities
Both companies have a long-standing commitment to their communities and have a legacy of giving back and volunteering.
The combined company would remain committed to supporting low-income utility assistance programs.
Reliable, affordable energy is foundational to economic development. The combined company intends to partner with state and local leaders to support existing employers, attract new businesses, and encourage additional investment from suppliers, contractors and service providers.
Industry-leading growth expectations
Combined company operations would be more than 80% regulated, with operations focused in four of the nation’s fastest growing states.
The combined company would be supported by a strong balance sheet and high-quality cash flows.