NextEra and Dominion $67B Merger Targets Data Center Boom

NextEra Energy, the largest US utility by market value, proposed a $67 billion merger with Dominion Energy, the sixth-largest, on Monday. The deal, pending state and federal approval, would create a megacompany dominating electricity generation, natural gas, and renewables. The merger is driven by surging demand from data centers, particularly in northern Virginia, home to the world's largest concentration of such facilities. Consumer advocates warn the combined entity would wield enormous financial and political power, making regulation difficult and likely harming consumers and the environment. Harvard Law's Ari Peskoe noted mergers prioritize shareholders over ratepayers. Morningstar analyst Andrew Bischof said the deal lets NextEra accelerate its data center ambitions using Dominion's expertise. NextEra, based in Juno Beach, Florida, owns Florida Power & Light and NextEra Energy Resources. Dominion, based in Richmond, Virginia, serves much of Virginia, North Carolina, and South Carolina. Only Exxon Mobil and Chevron would have larger market values among US energy companies.