NextEra Energy, the parent company of Juno Beach-based Florida Power & Light, this week announced a deal to buy Richmond, Virginia-based Dominion Energy for $67 billion. The deal would combine two of the largest utility providers on the U.S. East Coast.
Why now for such a massive deal? A big reason is the expected surge in energy demand because of the large data centers needed to power AI technology. Indeed, Dominion already services a massive concentration of data centers in Virginia.
“Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever — not for the sake of size, but because scale translates into capital and operating efficiencies,” said John Ketchum, NextEra’s Chairman President and CEO, in a statement.
The deal could take up to 18 months to receive regulatory approvals. If completed, the publicly traded NextEra would own 74.5 percent of the new company and Dominion shareholders own would 25.5 percent, the annoucement states.
FPL, the nation’s largest utility, provides power to more than six million customer accounts, serving about 12 million people throughout South Florida, as well as up Florida’s east coast and lower west coast.
Dominion serves 3.6 million customers in Virginia, North Carolina, and South Carolina. In Ashburn, Virginia, it services Data Center Alley — nearly 300 data centers for Google, Meta, Amazon and others. The company also develops and operates regulated offshore wind and solar power in New England.
The merged company initially plans to maintain “dual headquarters” in Richmond and Juno Beach and an “operational headquarters” in South Carolina.
The deal is subject to approval by shareholders of both companies, termination of the waiting period under federal law, approval by the Federal Energy Regulatory Commission and approval by the Nuclear Regulatory Commission. The companies will also file for approvals from the Virginia State Corporation Commission, the North Carolina Utilities Commission and the Public Service Commission of South Carolina.
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