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NextEra To Acquire Dominion Energy for $66.8bn
May 19, 2026
NextEra Energy and Dominion Energy announced a $66.8bn all-stock merger that will create one of the world’s largest electric utilities. The combined entity will have an enterprise value of roughly $420bn and a market cap of around $249bn, making it the third-largest US energy company behind Exxon and Chevron. The deal is part of a broader wave of consolidation in the US power sector, including AES Corp’s $33.4bn acquisition. Under the terms of the deal, NextEra will exchange 0.8138 of its shares for each Dominion share, implying a price of $75.97/share, which represents a roughly 23% premium to Dominion’s last close. The transaction is expected to close within 12-18 months, pending antitrust review, shareholder approval, and sign-off from regulators. NextEra CEO John Ketchum will lead the combined company, which will continue to operate under the NextEra Energy name. Together, the two companies face roughly 130 gigawatts of electricity demand from data centers looking to connect to their grids. NextEra will also gain a foothold in the PJM Interconnection region, the largest US power grid spanning 13 states.
NextEra’s 5% 2032s traded stable at 100.4, yielding 4.9%
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