NextEra to buy Dominion for $67 billion, betting on AI power demand

Added: 2026-05-20

[00:00:00]Two powerhouse utility companies are merging as the AI boom fuels data center demand.

[00:00:07]NextEra Energy on Monday said it will buy Dominion Energy in an all-stock transaction valued at nearly $67 billion.

[00:00:16]The deal is one of the biggest in the US power industry and will create the world's largest regulated electric utility company by market value. The transaction gives NextEra greater reach into supplying electricity to big techs burgeoning data centers with Dominion's customers including Alphabet, Amazon, Microsoft, Meta, and CoreWeave.

[00:00:40]It also follows an agreement NextEra made last year with Google to reopen a nuclear power plant in Iowa.

[00:00:48]The energy sector has seen a wave of consolidation recently as rapid data center buildout lifts power demand for the first time in two decades, opening up a lucrative revenue stream and boosting profit prospects.

[00:01:03]This year, AES Corporation agreed to be acquired by a consortium led by Global Infrastructure Partners and Swedish private equity firm EQT.

[00:01:13]That followed Constellation Energy's deal for Calpine and Blackstone's purchase of TXN Energy last year.

[00:01:22]Monday's announcement sent shares of NextEra lower by as much as 5 and 1/2% while Dominion stock rose as much as 11 and 1/2% to its highest level since November of 2022.