Dominion Energy is headquartered in Richmond, Virginia and is the largest utility serving Virginia. It provides regulated electricity services to 3.6 million customers in Virginia, North Carolina, and South Carolina, and regulated gas services to 500,000 customers in South Carolina. The company is also one of the leading developers and operators of offshore wind and solar power in the US and is the largest provider of carbon free electricity in New England.
On May 18, NextEra Energy (NYSE: NEE), the owner of Florida Power & Light and one of the largest utility companies in the US, announced an agreed $67 billion merger with Dominion. NEE is offering approximately $76 a Dominion share, all in NEE stock, with NextEra offering 0.8138 of its shares for each Dominion share held.
The merger will create the largest utility company in the US, and the third largest energy company in the States after ExxonMobil and Chevron, with a market capitalization of approximately $250 billion. The deal is subject to regulatory approval, which is expected to take between twelve and eighteen months. If approved, it will add Dominion’s 3.6 million customers to NextEra’s 12 million, enabling it to expand into the PJM Interconnection region, the largest US power grid operator spanning 13 states.