By Robert Walton of UtilityDiveSummaryNextEra Energy plans to acquire Dominion Energy in an all-stock transaction announced Monday, potentially creating the largest regulated electric utility in the world — with 10 million customers in four states — if the deal passes muster with three state and two federal regulatory commissions.The companies have proposed $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina and South Carolina, and they say all customers would see benefits from “enhanced scale in operations, procurement, construction and financing.”The combined company would have a more than 130-GW large-load pipeline of projects and a rate base of $138 billion, which it expects to grow at approximately 11% through 2032, according to the deal announcement.Company officials frame the deal as a win for customers by maintaining operating stability and putting downward pressure on rates while allowing the combined utility company to grow faster and more efficiently. Customer advocates, however, warned of the deal’s potential impact on consumers, and analysts say it could signal shifts in the utility operating model and wholesale markets.“The Dominion Energy name isn’t changing, nor is how we operate locally, serve our customers or engage with the community,” NextEra Chairman, President and CEO John Ketchum said in a statement.NextEra Chairman, President and CEO John Ketchum speaks during a panel at the BlackRock Infrastructure Summit in March 2026, in Washington, D.C.The merger has been approved by the boards of directors of Dominion and NextEra, and the companies say they expect to close the transaction in 12 to 18 months subject to approvals from a host of regulators. The deal must be approved by the Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Virginia State Corporation Commission, North Carolina Utilities Commission and the Public Service Commission of South Carolina.Customer advocate group Clean Virginia called for state officials to subject the proposed merger “to the most rigorous scrutiny possible.”