U.S. Power Giant Emergence: NextEra-Dominion Pursues 100% Stock Merger

On May 18, NextEra Energy, Inc. (NEE) and Dominion Energy, Inc. (D) agreed to a 100% stock-for-stock merger under which Dominion shareholders will receive 0.8138 shares of NextEra common stock plus $360 million in cash (approximately ₩470 billion) in aggregate. Upon closing, the combined company—to be named NextEra Energy—will be owned 74.5% by NextEra shareholders and 25.5% by Dominion shareholders. As the world’s largest regulated power utility—with over 80% of its business subject to regulation—it will serve roughly 10 million customer accounts across the U.S. Southeast (including Florida and Virginia) and manage 110 GW of generation assets. The companies project at least 9% annual adjusted EPS growth through 2032, 6% annual dividend growth through 2028, and will provide $2.25 billion (about ₩3 trillion) in electric-bill credits to Dominion customers. The merger is expected to close within 12–18 months, subject to shareholder approval, federal antitrust clearance, and key state public utility commission consents.

NextEra has advanced the merger process by filing the requisite financial statements and related materials with the U.S. Securities and Exchange Commission and has announced a quarterly dividend of $0.6232 per share (approximately ₩810) payable as of June 15. Credit rating agency Moody’s has upgraded Dominion Energy’s outlook from negative to positive following the merger announcement, reflecting market reassessment of the combined entity’s financial profile.

NextEra Energy, through its Florida Power & Light subsidiary, supplies power to about 6 million households in Florida and is North America’s largest power and energy infrastructure company. It has long operated large‐scale wind, solar, and other renewable energy projects. With U.S. power demand growing at historic rates—driven by AI data center expansion and electric vehicle adoption—the regulated utility sector is entering a new wave of mergers and scale consolidation to finance substantial capital investments and strengthen transmission and distribution networks.