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NextEra and Dominion have merged, uniting the world’s largest utility company by market value with the one responsible for powering Virginia, the world’s largest data center market.
The two companies combined are expected to have a $249 billion market cap, with an enterprise value of $420 billion — and a more than 130-gigawatt large load pipeline.
In a call with stakeholders, NextEra CEO John Ketchum said the acquisition, which is all-stock and totals $67 billion, is a “no-brainer.” That’s because the increase in electricity demand that the U.S. is experiencing is “unlike anything we’ve seen in generations,” and the opportunity for NextEra comes with “unavoidable” complexity.
“Meeting [the opportunity] requires us to enhance our customer value proposition,” Ketchum said. “That starts with scale — not for the sake of size. Scale must translate into capital and operating efficiency, which, simply put, enables us to buy, build, finance, and operate more efficiently.”
