NextEra-Dominion merger bashed by Virginia utility regulator, state AG, governor

Microsoft and Google are supporting the restart of three retired nuclear plants in the U.S. to power AI data centers. Holtec, Constellation Energy, and NextEra Energy are refurbishing plants in Michigan, Pennsylvania, and Iowa, respectively, with federal loans. Microsoft and Google have signed long-term power-purchase agreements for the projects, which aim to add 2.25 GW of capacity by 2029.

Virginia State Corporation Commission staff recommends rejecting the proposed $67 billion merger between Dominion Energy and NextEra as currently structured, citing financial risks and insufficient customer protections. The companies argue the merger would provide $2.1 billion in customer benefits. Governor Spanberger seeks a six-year residential base-rate freeze and larger customer credits. Commissioners have not yet ruled on the merger.

Virginia Governor Abigail Spanberger proposed a six-year rate freeze and other conditions for the $67 billion Dominion Energy (D)-NextEra Energy (NEE) merger. She seeks increased monthly bill credits and debt share adjustments. The merger, opposed by state officials, aims to create the world's largest regulated electric utility. Dominion and NextEra initially proposed smaller credits and have since increased commitments to clean energy.

Virginia Governor Abigail Spanberger urged regulators to require a six-year rate freeze and increased bill credits for Dominion Energy and NextEra Energy's $67 billion merger. The companies claim the deal will provide $2.1 billion in customer benefits and create 1,000 jobs. The merger is under review by the Virginia State Corporation Commission.

Virginia Attorney General Jay Jones opposes the proposed merger between NextEra Energy and Dominion Energy, citing concerns about the state's energy grid, costs, and demand. He filed testimony with the State Corporation Commission, arguing the merger would not address these issues.

Virginia Lieutenant Governor Ghazala Hashmi supports the Virginia State Corporation Commission staff's recommendation to block NextEra Energy's $67 billion takeover of Dominion Energy, citing financial risks and lack of ratepayer protections. Governor Abigail Spanberger also opposes the deal without strict conditions. The commission will make the final decision.