What the companies propose
NextEra Energy, the Florida utility holding company, has agreed to buy Dominion Energy, the parent of Dominion Energy Virginia. The deal is valued at about $67 billion. Dominion shareholders would receive 0.8138 NextEra shares for each Dominion share, plus a total of $360 million in cash at closing, and would own about 25.5 percent of the combined company. NextEra shareholders would own the rest. The combined company would serve about 10 million customer accounts in Florida, Virginia, North Carolina and South Carolina.
The companies asked the State Corporation Commission to approve the deal on July 15, 2026. They expect to close in the second half of 2027.
What the companies offer Virginia customers
The offer has real money in it. On Sept. 14, the companies raised their bill credit for an average residential customer to about $10 a month for four years, up from two. Virginia's share of the $2.25 billion in credits is $1.78 billion. Most of the added residential credit comes from credits first set aside for large data centers. The companies also pledged to keep Dominion's 10,431 Virginia jobs for at least five years and add 600 more, and they say customers "will not pay one cent" of merger costs.
NextEra's chief executive, John Ketchum, said on the merger call that "large load must pay their fair share."
What the offer does not include
The commitments, as reported, include no rate freeze and no specific clean energy targets. Bills are already rising under Dominion's last rate case: $11.24 a month in 2026 and another $2.36 in 2027. Rates would still be set by the SCC.
The credits last two to four years. The companies describe a combined rate base of $138 billion and project about 11 percent growth through 2032. Rate base is the investment customers pay a return on, for the life of each asset.
What it means for Loudoun
Dominion plans and builds Loudoun's power lines and substations. Under the deal, it would answer to a new parent company.
On the merger call, Ketchum said, "Speed-to-power is critical, so too is maintaining affordability and reliability for customers," and "Our pipeline with large load customers alone is more than 130 gigawatts." That figure is the combined company's pipeline across four states.
Lt. Gov. Ghazala Hashmi opened her statewide listening tour on the merger in Cascades on Sept. 2. About 200 people came. They raised rising bills, backup generators and new transmission lines.
NextEra's record
- Rates. In November 2025, Florida regulators approved a rate increase of about $7 billion for Florida Power & Light, NextEra's main utility. It was the biggest increase in the utility's history. It faces a legal challenge in state court.
- Shutoffs. Federal data for 2024 show Florida households had their electricity shut off about 2.1 million times for nonpayment, the second-highest total in the country.
- Political conduct. In June 2026, NextEra agreed to pay $150 million to settle a shareholder lawsuit. The suit alleged the company misled investors about its role in Florida political schemes, including funding "ghost" candidates. The settlement is proposed, and NextEra says insurance will pay it.
- Earlier deals. Hawaii's utility commission rejected NextEra's bid for Hawaiian Electric in 2016, finding it "not in the public interest." Texas regulators rejected its bid for Oncor in 2017, finding it "would subject Oncor ratepayers to new and potentially substantial risks."
The review
Virginia law gives the SCC 60 days to decide, extendable by up to 120 days. The SCC took the full extension, which runs to Jan. 11, 2027. Lt. Gov. Hashmi has said a deal this size needs more time than that.
SCC Chair Kelsey Bagot previously worked as an attorney for NextEra. In an Aug. 17 letter filed in the case, she said she had "not found it necessary to issue a notification of recusal." Sen. Russet Perry has said Bagot told legislators during her appointment interviews that she would recuse herself from NextEra cases.
On Oct. 19, 2026 SCC staff recommended denying the merger unless the companies accept 57 conditions, and Gov. Abigail Spanberger's administration urged the SCC to reject it unless 10 commitments are met, including a six-year residential rate freeze.
The SCC scheduled no public hearing in Loudoun. The nearest was in Fairfax on Oct. 9.
How to take part
- File a written comment through the SCC comment page by Nov. 9, 2026. Every comment must refer to Case No. PUR-2026-00112.
- Speak by phone on Nov. 5, 9 or 10, or in person in Richmond on Nov. 5. Registration is required.
- The evidentiary hearing starts Nov. 17.
Who decides
The State Corporation Commission, by Jan. 11, 2027.