NextEra, Dominion want to create massive power company

Added: 2026-05-20

[00:00:00]On this day when AC units are running more than they have in some time, we are learning our area's largest power company could soon be the world's largest. Dominion Energy announced today it would combine with Florida-based NextEra Energy to form the largest regulated electric utility company in the world. Tonight, your side Brett Hall has more on what that could mean for you.

[00:00:24]For more than 100 years, Dominion Energy and its predecessor companies have been based right here in Virginia. But, if NextEra's $67 billion proposal goes through and it acquires Dominion Energy, the headquarters will be split between Virginia and Florida.

[00:00:39]And 3.6 million electric customers will go to 10 million. This is a historic day for our storied companies and for America. With the addition of Dominion Energy, NextEra will be the largest regulated utility in the world.

[00:00:54]Harnessing Dominion Energy's existing power plants and projects along with its own to try and stem the overall increasing costs, John Ketchum is NextEra's president and CEO. Our country is at an inflection point. Demand for electricity is increasing unlike anything we've seen in generations. He says the combined company will allow them to keep bills more affordable over time. However, Bob McNab, an economist with Old Dominion University, is skeptical.

[00:01:21]>> These mergers typically don't lower costs. They typically do not benefit the consumers directly in terms of affordability. Even with Dominion Energy CEO Bob Blue saying $2.25 billion in bill credits would be given to customers in the two years after the deal closes, forecasts have data center demand going by 53% by 2032. Something McNab doesn't expect to change given current societal trends.

[00:01:49]For example, the services on the internet, they use AI, they like watching videos, but on the other hand, those data centers consume a lot of electricity.

[00:02:01]And utilities across the United States are stressed. Now, for this to go through, several government agencies have to have their say, including the Federal Energy Regulatory Commission and the State Corporation Commission here in Virginia. It's expected all of that won't be done for another 12 to 18 months.

[00:02:17]In Norfolk, Brett Hall, 10 On Your Side.