NextEra Energy has agreed to acquire Dominion Energy in a $67 billion all-stock transaction announced on May 18, which will create the world's largest regulated electric utility by market capitalization. The deal is structured as a 100% stock-for-stock merger where each Dominion Energy shareholder receives 0.8138 shares of NextEra Energy stock, resulting in NextEra shareholders owning approximately 74.5% and Dominion shareholders owning 25.5% of the combined entity. The transaction is expected to be tax-free to shareholders and aims to address surging electricity demand driven by artificial intelligence data centers, with the combined company serving roughly 10 million utility customer accounts across Florida, Virginia, North Carolina, and South Carolina. The merged entity will own 110 gigawatts of generation capacity from a diverse mix of energy sources, including significant operations in Northern Virginia's "Data Center Alley," which hosts major clients such as Google, Amazon, Microsoft, and Meta. NextEra Energy CEO John Ketchum stated that electricity demand is rising faster than in decades and emphasized that scale is critical for meeting customer needs cost-effectively. The company projects annual earnings per share growth of 9% or greater through 2032, supported by a regulated capital plan of approximately $138 billion growing at an 11% annual rate. This consolidation follows a broader trend in the sector, including Constellation Energy's acquisition of Calpine for $16 billion and Blackstone's purchase of Vistra Energy for $11.5 billion over the past year. To mitigate customer impact following the merger, Dominion customers in Virginia, North Carolina, and South Carolina will receive $2.25 billion in bill credits distributed over two years after the deal closes. Additionally, the combined company has committed to increasing annual charitable giving by $10 million for five years and retaining approximately 15,000 Dominion employees with their current compensation and benefits intact. The transaction is contingent upon approval from shareholders of both companies, as well as regulatory bodies including the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, and state regulators in Virginia, North Carolina, and South Carolina. NextEra Energy and Dominion Energy expect the deal to close within 12 to 18 months, subject to these necessary approvals.