NextEra Energy wants to buy Dominion Energy in an all-stock deal worth roughly $67 billion. If completed, the combination would form the largest regulated electric utility on the planet by market capitalization, a megadeal built squarely on the premise that America’s appetite for electricity is about to surge thanks to artificial intelligence.
What the deal looks like
Under the proposed terms, Dominion shareholders would receive 0.8138 shares of NextEra for each Dominion share they hold. On top of that, there’s a one-time cash payment of $360 million to Dominion shareholders and the continuation of dividends until the deal closes.
Together, the two companies would control approximately 51 gigawatts of generation capacity, establishing what would be a dominant position in the American electricity market.
Virginia, where Dominion is the primary utility, has become the epicenter of data center development in the US. Northern Virginia alone hosts what is widely recognized as the densest cluster of data centers on Earth. As AI workloads scale, those facilities need dramatically more power, and the company that controls the wires and the generation stands to benefit enormously.
