NextEra Energy just made the biggest bet in utility history. The company announced an all-stock acquisition of Dominion Energy valued at roughly $66.8 billion, a deal designed to create the world’s largest regulated electric utility by market capitalization.
What the deal looks like
Under the terms announced May 18, 2026, Dominion shareholders will receive 0.8138 shares of NextEra for each Dominion share they hold. There’s also a one-time cash payout of $360 million sweetening the pot.
Once complete, the combined company would operate approximately 110 gigawatts of generation capacity. The merged entity would serve around 10 million customer accounts stretching across the East Coast.
NextEra CEO John Ketchum called the acquisition a “no-brainer,” framing it as essential for building power infrastructure fast enough to keep pace with AI’s voracious electricity consumption.
