Key facts
- Senator Angus King has asked the Federal Energy Regulatory Commission (FERC) to reject NextEra Energy's proposed $66.8 billion acquisition of Dominion Energy.
- King argues the merger would create a single firm with excessive market power, potentially harming competition and raising consumer prices.
- The combined entity would possess 110 gigawatts of electric-generating capacity, including significant natural gas and nuclear operations.
- Dominion Energy serves a large concentration of data centers globally.
U.S. Senator Angus King has formally requested that the Federal Energy Regulatory Commission (FERC) reject NextEra Energy's proposed $66.8 billion acquisition of Dominion Energy. In a filing on Monday, King expressed concerns that the merger would lead to excessive market consolidation, potentially stifling competition and negatively impacting consumers.
King, representing Maine, stated that the combined entity, which would become the world's largest regulated electric utility, would possess significant incentives and tools to manipulate regional energy markets in its favor. The proposed deal would unite 110 gigawatts of electric-generating capacity, making it a dominant force in natural gas-fired and nuclear power generation.
The senator also pointed to NextEra's past business conduct, including alleged efforts to hinder clean energy competition through lobbying in New England, suggesting that such actions could ultimately lead to higher prices for consumers. Dominion Energy, based in Virginia, serves a substantial number of data centers globally, a sector experiencing rapid growth.