I’m leaning heavily against this deal…seems like it would a net negative for Virginians in almost every way. For more, check out the following press releases from the Chesapeake Climate Action Network (CCAN) and Clean Virginia.
From CCAN:
NextEra-Dominion Merger Is Designed to Speed-Run the Data Center Boom — With Virginians Guaranteeing the Bill
Florida-based company has history of rate hikes and political manipulation
RICHMOND, VA — Today, Florida-based electric utility NextEra Energy and Dominion Energy submitted a merger application to the State Corporation Commission (SCC). Combined with Dominion, NextEra would become the largest regulated electric utility monopoly in the United States, serving roughly 10 million customers across Florida, Virginia, North Carolina, and South Carolina.
Chesapeake Climate Action Network (CCAN) called on the Virginia State Corporation Commission and federal regulators to reject NextEra Energy’s proposed $67 billion acquisition of Dominion Energy, warning that the deal isn’t really about serving Virginia families — it’s about seizing control of the largest concentration of AI data centers on Earth, and locking residential ratepayers in as the guarantors of that buildout.
“A transaction of this size doesn’t just combine two balance sheets — it combines two risk profiles into one, at a scale no regulator has ever had to govern before,” said Victoria Higgins, CCAN’s Virginia Director. “And NextEra’s risk profile isn’t hypothetical. It’s a $150 million political scandal. It’s funding fake candidates to spoil elections. It’s a decade of rate hikes in Florida. Even more troublingly, NextEra has made clear this deal is all about seizing control of the AI data center boom. Already, Virginians are being asked to bankroll the wealthiest companies in the world. Now, we are being asked to trust the largest utility monopoly in the world in serving those corporate interests. None of this is for the purpose of benefiting Virginia families.”
NextEra has a history of prioritizing corporate profit and increasing energy bills. NextEra’s Florida utility, Florida Power & Light, retained 27.4% of its $18.26 billion in 2024 revenue as corporate profit — nearly double the roughly 14.6% industry average — while implementing a $6.9 billion rate increase. The $2.25 billion in temporary bill credits NextEra is dangling to win over Virginia, North Carolina, and South Carolina regulators is a one-time payment, not a structural protection— and it comes from a company projecting roughly 11% annual growth in infrastructure spending through 2035, costs that are passed off – with interest – to Virginia customers.
NextEra brings a documented record of steamrolling anyone who slows it down. The company just agreed to pay $150 million to settle a shareholder lawsuit over its role in Florida political schemes, including funding secret “ghost” candidates to defeat lawmakers who challenged the utility and surveilling a journalist covering the company.
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Chesapeake Climate Action Network is the first grassroots organization dedicated exclusively to raising awareness about the impacts and solutions associated with global warming in the Chesapeake Bay region. Founded in 2002, CCAN has been at the center of the fight for clean energy and wise climate policy in Maryland, Virginia, and Washington, DC.
From Clean Virginia:
Dominion Files NextEra Merger Application, Launching Review of Proposed $66.8 Billion Deal
The Clock is Ticking, But Virginia Regulators, Lawmakers Still Have Time to Ensure Review Process Puts Virginia Families First
Richmond, Va. — Dominion Energy today filed its application with the Virginia State Corporation Commission (SCC) seeking approval of NextEra Energy’s proposed $66.8 billion acquisition. This filing starts the clock for state regulators to determine whether the deal serves the public interest. Virginia law gives regulators as little as 60 days to review the largest utility acquisition in U.S. history, but the SCC and the General Assembly have the power to extend this window and strengthen review standards.
“This deal would hand Virginia’s electric grid to a company with a troubling track record of raising bills in Florida, heavily interfering in state politics and prioritizing corporate profit over the public interest,” said Brennan Gilmore, executive director of Clean Virginia. “Virginia deserves a rigorous, transparent review with strong standards. Everything we know about NextEra’s record demands that this deal be rejected.”
Virginia is the data center capital of the world, and both the industry — and the energy demand that comes with it — are still growing. The proposed acquisition would significantly expand the combined utility’s financial incentive to build infrastructure to support that growing energy demand. Until data centers start paying their fair share, the costs to support that growth will be paid for by Virginia ratepayers.
The companies have also offered no commitment to reduce the merged utility’s authorized return on equity (ROE), the profit rate used to determine customer rates. At the same time, NextEra has told investors it expects the combined company to achieve approximately 11% annual rate base growth through 2032, meaning Virginians’ bills would continue to skyrocket. In Florida, similar rate base expansion has been accompanied by substantial customer rate increases, including a four-year settlement that raised rates by roughly $7 billion. NextEra subsidiary Florida Power & Light now retains more than 27 cents of every customer dollar as profit, nearly double the national utility average of approximately 14 cents.
The proposal also raises broader questions about excessive corporate influence in Virginia, one of only four states with no limits on corporate political campaign contributions. Dominion has spent decades cultivating a network of political influence that NextEra stands to inherit. NextEra is already active in Virginia politics — including a $100,000 contribution to former Gov. Glenn Youngkin in 2021 and $15,000 to Governor Spanberger’s inaugural committee — and its political spending footprint beyond Virginia is massive. Since 2010, NextEra has reported more than $126 million in political spending (double Dominion’s $63 million), with investigative reporting finding tens of millions more routed through undisclosed channels. In Florida, reporting tied that spending to a notorious 2020 “ghost candidate” scheme to siphon votes in three state Senate races.
Even with the review officially underway, a responsible path forward remains possible through regulatory and legislative action:
- The SCC can use its current authority to extend its review to the full 180 days, hold robust public hearings, and require full disclosure of NextEra’s political spending. Regulators can also enforce binding commitments to reduce the company’s authorized ROE and to ensure consumer advocates have resources to fully participate.
- Lawmakers can call a special session to strengthen the review framework. Specifically, they can extend the review timeline for corporate mergers to at least 12 months and provide the SCC and the Attorney General’s Division of Consumer Counsel with the resources needed for a comprehensive review.
“This acquisition will create a supercharged version of the monopoly Virginians already know: one with deeper pockets and a proven playbook for buying political outcomes at the expense of customers,” Gilmore said. “The SCC and the General Assembly have the tools to slow this process down and strengthen the rules — and a responsibility to use them to protect Virginia families.”
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Clean Virginia is a nonprofit advocacy organization dedicated to removing corporate money from Virginia politics and reforming utility regulation to put customers first. Learn more at cleanvirginia.org.
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VIDEO: Attorney General Jones Releases Statement on NextEra Energy and Dominion Energy Merger Application
