Reports: NextEra Energy Buying Dominion for $66.8 Billion

In a deal that would create the largest electric utility in the US, NextEra Energy is buying Dominion in an all-stock deal reportedly worth $66.8 billion.

NextEra said in a press release on its website that this deal would create “the world’s largest regulated electric utility and North America’s premier energy infrastructure platform.”

The combined company will be more than 80% regulated, serve about 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina and own 110 GW of generation across a mix of energy sources. 

For customers, the deal proposes $2.25 billion in bill credits spread over two years after closing for Dominion Energy's customers in Virginia, North Carolina and South Carolina, according to the release.

NextEra and Dominion would maintain their respective headquarters in Juno Beach, Florida and Richmond, Virginia with an operational headquarters located in Cayce, South Carolina.

The deal is tax-free to shareholders and immediately accretive at closing to adjusted earnings per share, according to NextEra.

NextEra and Dominion shareholders would own about 74.5% and 25.5% of the combined company, respectively.

John Ketchum will serve as chairman and chief executive officer (CEO) of the combined company, and Robert Blue will serve as president and CEO of regulated utilities and as a member of the board of directors. Edward Baine will be president and CEO of Dominion Energy Virginia, Keller Kissam will be president and CEO of Dominion Energy South Carolina and Scott Bores will be president and CEO of Florida Power & Light Company.