NextEra Energy Inc. agreed to pay about $67 billion in stock for Dominion Energy Inc. in the biggest power acquisition ever. The deal combines the Florida-based utility with Dominion’s operations stretching from Virginia to Pennsylvania, forming a sprawling energy giant. Dominion’s data center assets in Virginia and other infrastructure additions make the combined company a major player in renewable energy and grid reliability.

The acquisition, which NextEra announced via a regulatory filing, merges two of the largest utilities in the U.S. Dominion’s 7.5 million customers and 23.5 gigawatts of generating capacity bolster NextEra’s reach. The merger aligns with the companies’ shared focus on clean energy transitions, including offshore wind and solar projects. Dominion’s Atlantic Coast Energy Partners offshore wind project, for example, will now scale under NextEra’s resources.

This move solidifies NextEra’s position as the nation’s largest power producer. Dominion’s 2022 revenue of $11.8 billion, though dwarfed by NextEra’s $16.5 billion, adds significant grid infrastructure to the portfolio. Regulatory approval will be critical, with federal and state agencies scrutinizing the deal’s impact on competition and rates. The transaction, valued at $67 billion, reflects a trend of consolidation in the energy sector as companies race to modernize grids and meet decarbonization targets.

NextEra’s dominance in renewables—already supplying 20% of U.S. wind and solar power—will expand further. Analysts suggest the deal could reshape regional energy markets, particularly in the Mid-Atlantic. Investors will monitor how the merger integrates Dominion’s nuclear plants and fossil fuel assets into NextEra’s clean energy strategy. The deal’s long-term success hinges on navigating regulatory hurdles and leveraging synergies to cut costs.

NextEra Energy Inc. agreed to pay about $67 billion in stock for Dominion Energy Inc. in the biggest power acquisition ever. The deal combines the Florida-based utility with Dominion’s operations stretching from Virginia to Pennsylvania, forming a sprawling energy giant. Dominion’s data center assets in Virginia and other infrastructure additions make the combined company a major player in renewable energy and grid reliability.