Major Power Merger in the U.S.: Birth of the World's Largest Regulated Utility

NextEra Energy, Inc. (NEE), one of the largest U.S. power companies, on May 18 signed a definitive agreement to merge with Dominion Energy in an all-stock transaction, offering Dominion shareholders 0.8138 NextEra shares per Dominion share plus a one-time cash payment of $360 million. After closing, NextEra shareholders will own about 74.5% of the combined company and Dominion shareholders about 25.5%. The merged business—retaining the NextEra Energy name and ticker—will be the world’s largest regulated electric utility, with more than 80% of its operations under regulation across Florida, Virginia, North Carolina and South Carolina, roughly 110 GW of generating capacity and about 10 million customer accounts.

From day one post-closing, NextEra said it expects adjusted earnings per share to increase, targets annual EPS growth of over 9% through 2032, dividend growth around 6% annually through 2028, and will provide $2.25 billion in bill credits to former Dominion customers. This announcement follows NextEra’s April 23 first-quarter 2026 results, which showed GAAP net income of $2.18 billion—a significant year-over-year increase—and reaffirmed its long-term earnings and dividend growth guidance.

Separately, on March 20 NextEra disclosed it had received federal approval to develop up to 10 GW of new gas-fired generation capacity to meet record U.S. power demand, strengthen supply reliability and serve growing data center needs. The company also plans a series of investor meetings in May and June—targeting major domestic and international institutions—to outline the merger and its broader growth strategy.

Headquartered in Florida and built around Florida Power & Light and renewable developer NextEra Energy Resources, NextEra Energy is the largest U.S. power holding company and, as of March 2026, the world’s largest electric utility by market capitalization. With a diversified portfolio spanning renewables, gas, nuclear and transmission-and-distribution assets, market observers will be watching how the combined company’s position evolves within North America’s utility and energy-infrastructure sector amid shifting demand patterns, interest-rate dynamics and environmental regulations.