NextEra to buy Dominion in $66.8 billion power deal amid AI boom

NextEra Energy will buy Dominion Energy, creating the world’s largest regulated electric utility by market value.

NextEra Energy will buy Dominion Energy in an all-stock transaction valued at about $66.8 billion, creating the world’s largest regulated electric utility by market value, as U.S. utilities race to meet ​surging demand from data centers fueling the artificial intelligence boom.

Subscribe to read this story ad-free

Get unlimited access to ad-free articles and exclusive content.

The deal, one of the largest ‌in the U.S. power industry, adds to a wave of consolidation as the rapid data-center buildout lifts power demand for the first time in two decades, opening up a lucrative revenue stream and boosting profit prospects.

This year, AES Corp agreed ​to be acquired by a consortium led by Global Infrastructure Partners and Swedish private-equity firm ​EQT AB for $33.4 billion. That followed Constellation Energy’s $16 billion deal for Calpine and Blackstone’s $11.5 ⁠billion deal for TXNM Energy last year.