Delivering meaningful benefits for Virginia
Two energy leaders. One shared commitment to Virginia.
NextEra Energy and Dominion Energy are proposing a transformational Virginia benefits package that will deliver long-term residential bill relief, create 1,000 new direct jobs and accelerate clean energy development, including doubling residential bill relief from two years to four years, a $100 million boost to the EnergyShare customer assistance program through 2038 and full protection for customers from merger costs. Dominion Energy Virginia will continue operating under its trusted name, with Ed Baine continuing as president and local leadership remaining in place. Richmond would serve as one of the combined company's dual headquarters, anchored by a new shareholder-funded co-headquarters tower for the combined company in downtown Richmond.
Immediate Rate Relief
The combined company would seek to provide residential customers $10 per month in bill credits for four years, increasing the aggregate shareholder-funded Virginia customer credit amount and working with the State Corporation Commission (“SCC”) to redirect the portion of credits that would otherwise go to large-load data centers toward additional relief for residential customers.
Long-Term Affordability
The long-term customer benefits in the expanded package are grounded in NextEra Energy’s operating track record and scale advantages that have translated into lower costs and stronger outcomes for customers over time. NextEra Energy's utility subsidiary, Florida Power & Light Company, has typical residential bills that are more than 37% below the national average and reliability that is more than 60% better than the national average.
Large Load
NextEra Energy and Dominion Energy reaffirmed their support for the efforts of the Virginia SCC, General Assembly and Governor to protect residential and small business customers from costs associated with serving data centers.
Clean Energy + Battery Storage
The combined company will help accelerate the buildout of Virginia generation, including solar, storage, dispatchable resources and nuclear, while leveraging the combined company's existing Virginia assets to support reliability as the Commonwealth builds the next generation of energy infrastructure —advancing the Virginia Clean Economy Act and reducing reliance on expensive imported power.
Making Virginia a Global Energy Leader
NextEra Energy would maintain current Virginia employee headcount levels for five years, add 600 new NextEra Energy jobs in Virginia and work with suppliers who are expected to bring 400 additional jobs to the Commonwealth. NextEra Energy also would build, at its shareholders’ expense, a new NextEra Energy office tower in Richmond beside the existing Dominion Energy headquarters building as a part of the combined company’s co-headquarters to accommodate the new jobs as well as existing Dominion Energy jobs and future growth. The new Richmond presence would support work in renewable energy development and supply chain management, battery storage operations, nuclear and small modular reactor innovation, enterprise technology and cybersecurity, among others.
Workforce and Supply Chain
The combined company would contribute $100 million to directly support workforce development in Virginia, including working with union partners to support career development, hands-on training and apprenticeships and establishing a newly created independent organization to operate a workforce development fund for Virginia, governed by a board drawn from the Commonwealth's trade schools, colleges, universities, technical colleges and community colleges. The companies also would establish up to a $1 billion annual, five-year Virginia Supplier Program and host a new annual global energy summit in Virginia.