NextEra Energy (NEE) to buy Dominion Energy (D)
Budrul Çukurt | Light Rocket | Getty Images
NextEra Energy will buy Domination Energy in a stock deal that brings together two leading players in the race to meet growing demand for electricity from data centers running AI applications.
The deal would create the largest regulated electric utility in the world, the companies said Monday. NextEra shareholders will own 74.5% of the combined company and Dominion investors will own 25.5%.
They will operate under NextEra’s name and trade on the New York Stock Exchange under its ticker symbol.
“Electricity demand is growing faster than it has in decades,” NextEra CEO John Ketchum said in a statement. he said. “We are bringing together NextEra Energy and Dominion Energy because scale is more important than ever.”
Dominion is the utility responsible for powering the world’s largest data center market in Northern Virginia. Its market capitalization is over $50 billion.
NextEra is the largest developer of renewable energy in the United States. The Florida-based energy company is also the largest company in the S&P 500, with a market capitalization of more than $190 billion.
Although a major developer of renewable energy, NextEra increased its investment in natural gas during the second Trump administration.
It is also playing a leading role in efforts to expand nuclear power in the U.S. Last year, NextEra announced a deal with Google to reopen the mothballed Duane Arnold nuclear power plant in Iowa.
Together, NextEra and Dominion will become the world leader in renewable energy and battery storage, the U.S. leader in natural gas production, and number two in nuclear energy.
This is an evolving story. Please check back for updates.
