NextEra Energy Inc. and Dominion Energy Inc. have announced an expanded Virginia benefits package as part of their proposed combination, outlining commitments related to residential bill credits, low-income assistance, employment, clean energy development, workforce development and supplier spending.

The companies said the package was developed in response to feedback from policymakers and other stakeholders. The proposed commitments include extending residential bill credits from two years to four years, increasing Dominion Energy’s EnergyShare assistance program by $100 million through 2038, maintaining current employee headcount levels in Virginia for five years and adding 1,000 direct jobs to the Commonwealth.

The package also includes plans to accelerate development of solar, battery storage and other energy resources, establish a $100 million workforce development fund, create a Virginia Supplier Program with up to $1 billion in annual spending for five years, and construct a new shareholder-funded NextEra Energy office tower in Richmond.

“This is a Virginia-first package, and it starts with customers,” said John Ketchum, chairman, president and CEO of NextEra Energy. “We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial assistance and long-term affordability benefits. We are also reaffirming our support for the State Corporation Commission, Governor and General Assembly’s efforts to protect residential and small business customers from costs associated with serving data centers. Just as important, this package would help Virginia build more of the clean energy and infrastructure it needs faster, so the Commonwealth can reduce its reliance on expensive imported power. And it would do that while positioning Virginia as a major energy leader, bringing NextEra Energy jobs, good-paying supplier jobs, workforce investment, economic development and national-scale energy technology and innovation to Virginia. This is the kind of customer-focused, job-creating package this combination makes possible.”

“Dominion Energy Virginia will remain locally led, separately regulated and accountable to the State Corporation Commission,” said Robert Blue, chair, president and CEO of Dominion Energy. “The same local teams, led by Ed Baine, that customers know and trust will continue serving the Commonwealth. This package builds on that foundation by adding NextEra Energy’s scale, capital and capabilities to help support Virginia’s growth while keeping customers, reliability and affordability at the center of everything we do. It brings new jobs, maintains our existing Virginia employee headcount levels for five years and positions the Commonwealth to become a global energy leader. The benefits to our customers and the Commonwealth from this combination are things we cannot deliver on our own.”

Residential Bill Credits and Low-Income Assistance

Under the expanded package, the companies would seek to extend $10-per-month residential bill credits from the previously proposed two years to four years.

The companies said they would work with the Virginia State Corporation Commission (SCC) to redirect the portion of credits that would otherwise go to large-scale data centers toward additional residential customer relief and increase the aggregate shareholder-funded Virginia customer credit amount.

The companies also would increase EnergyShare, Dominion Energy’s shareholder-funded energy bill assistance program, by $100 million through 2038. They also reaffirmed their commitment to hold customers harmless from costs associated with the merger.

The companies said the proposed combination would provide long-term affordability benefits through the combined company’s scale, including opportunities to buy, build, finance and operate more efficiently. Future base rates would continue to be set by the SCC every two years.

Operating Scale and Customer Costs

The companies cited the operating performance of NextEra Energy subsidiary Florida Power & Light Company (FPL) as an example of the potential benefits of operating at greater scale.

Since 2006, FPL has increased customer accounts by more than 36% and generation capacity by more than 60%, while improving reliability by more than 40% and lowering bills by 20% in real dollars, according to the companies.

The companies said FPL’s non-fuel operations and maintenance expense is more than 70% below the national average, while typical residential bills are 37% below the national average and reliability is more than 60% better than the national average.

Dominion Energy Virginia would remain locally led and separately regulated under the proposed combination, with the SCC continuing to oversee its rates and operations.

Data Center Costs

NextEra Energy and Dominion Energy also reaffirmed their support for efforts by the SCC, General Assembly and governor to protect residential and small-business customers from costs associated with serving data centers.

The companies pointed to Dominion Energy’s GS-5 rate class, FPL’s large-load tariff, the companies’ support for the Ratepayer Protection Pledge and recently passed Virginia legislation as measures related to data center costs.

Clean Energy and Infrastructure

The expanded package would accelerate development of generation and other energy resources in Virginia, including solar, battery storage, dispatchable resources and nuclear generation.

The companies said they would also leverage existing Virginia assets, including the Virginia City Hybrid Energy Center, to support reliability as additional energy infrastructure is developed.

The companies also plan to use their combined supply chain, construction capabilities and experience to accelerate renewable energy and storage development in accordance with the Virginia Clean Economy Act.

“Virginia should not have to choose between affordability, reliability and clean energy,” Blue said. “The answer is to build affordably, build faster and build in a way that protects customers.”

Jobs and Richmond Operations

Under the proposal, NextEra Energy would maintain current employee headcount levels in Virginia for five years and add 600 new NextEra Energy jobs in the Commonwealth. The companies said suppliers are expected to bring an additional 400 jobs to Virginia.

NextEra Energy also would construct a new office tower in Richmond, at shareholder expense, beside the existing Dominion Energy headquarters. The building would serve as part of the combined company’s co-headquarters and accommodate the new positions, existing Dominion Energy employees and future growth.

The Richmond operation would support activities including renewable energy development and supply chain management, battery storage operations, nuclear and small modular reactor innovation, enterprise technology and cybersecurity.

The companies also would host an annual global energy summit in Virginia focused on energy innovation, technology and infrastructure.

“Virginia already leads in technology and defense,” Ketchum said. “With this combination, Virginia can also lead in energy.”

Workforce and Supplier Programs

The companies would contribute $100 million to support workforce development in Virginia. The program would include career development, hands-on training and apprenticeships in cooperation with union partners.

The companies also would establish an independent organization to operate a workforce development fund. Its governing board would include representatives from the Commonwealth’s trade schools, colleges, universities, technical colleges and community colleges. The fund would support training for jobs associated with the proposed development.

A Virginia Supplier Program also would provide up to $1 billion in annual spending for five years. The companies said the program would support contractors, suppliers and service providers operating in Virginia.

The companies said they would use the combined company’s purchasing scale to bring suppliers, vendors and engineering and construction partners into Virginia, expand the role of the Port of Virginia in the energy supply chain, and hire local firms and workers to help construct the new Richmond office tower.

The companies said more than nine other companies intend to establish or expand their presence in Virginia if the combination is approved, potentially bringing additional investment and jobs to the Commonwealth.

Dominion Energy Virginia

The proposed combination would maintain dual headquarters in Richmond and Juno Beach, Florida, according to the companies. Dominion Energy Virginia would retain its name, local leadership and workforce and remain separately regulated and accountable to the SCC.

Ed Baine would continue to lead Dominion Energy Virginia, and the utility’s president would remain a Virginia resident. The Virginia-based board of directors also would remain in place.

Bob Blue would lead all NextEra Energy regulated utilities, while NextEra Energy’s CEO would maintain a Virginia residence.

The companies also reaffirmed their commitment to enhanced Virginia storm response and mutual aid, stating that no Virginia funding would be used for Florida storm restoration.

Proposed Combination

“This package answers the central question before Virginia: how do we keep bills affordable, protect customers, create jobs and build the energy infrastructure the Commonwealth needs to grow while driving energy independence?” Ketchum said. “The answer is a stronger Dominion Energy Virginia, still local, still regulated in Virginia, with the scale, low-cost platform and capabilities of NextEra Energy behind it.”

Blue added, “This combination is about building something greater together for Virginia: stronger customer benefits, more jobs, more clean energy, more local investment and a utility that remains focused on the customers and communities it serves.”

The proposed combination remains subject to required regulatory approvals, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.

The companies submitted additional information regarding the expanded Virginia benefits package to the SCC.

The commitments are contingent upon approval and closing of the proposed combination. In the event of an inconsistency, the commitments contained in the companies’ regulatory filings, as approved by applicable regulatory authorities, would govern.

The companies continue to expect the transaction to close in the second half of 2027.