Key facts
- Dominion Energy and NextEra Energy proposed a Virginia supplier program valued at up to $1 billion annually for five years.
- The program's approval is contingent on the companies' proposed merger receiving regulatory clearance.
- Commitments include extending $10 monthly bill credits for four years and increasing low-income financial aid by $100 million.
- A $100 million workforce development fund and an annual energy summit in Virginia are also part of the proposal.
- The combined company will have a shareholder-funded co-headquarters tower in Richmond.
- The $66.8 billion merger is expected to close in the second half of 2027.
Dominion Energy and NextEra Energy announced on Monday that they plan to establish a Virginia supplier program valued at up to $1 billion annually for five years, should their proposed merger be approved. The companies, which announced their merger plans in May amid a wave of utility consolidation driven by rising power demand, also proposed extending monthly $10 bill credits to customers for four years, up from two, and increasing Dominion's low-income financial assistance by $100 million through 2038.
Additional commitments include a $100 million workforce development fund, an annual energy summit in the state, and maintaining the current employee headcount in Virginia for five years. The combined company will also feature a shareholder-funded co-headquarters tower in Richmond. Virginia Governor Abigail Spanberger had previously stated her intention to intervene in the regulatory review of the merger, seeking commitments on power affordability, job protections, and clean energy investments.
Shareholders from both Dominion Energy and NextEra Energy have already approved the proposed $66.8 billion merger. The deal is currently awaiting regulatory approvals and is anticipated to close in the second half of 2027.