NextEra Energy and Dominion Energy unveiled a landmark $420bn merger, one of the largest in US history, to dominate power generation for the AI revolution. The deal creates a single entity controlling the eastern seaboard's electricity network, crucial for data centres in Virginia's "data centre alley." NextEra will pay $76 per share, valuing Dominion at $124bn including debt.

This megadeal epitomizes Trump-era dealmaking, returning politically explosive transactions once deemed too risky. Regulators in South Carolina, North Carolina, and especially Virginia must approve, amid fierce public backlash over rising energy costs and data centre sprawl. The companies pledged $2.2bn in customer bill credits to ease affordability concerns, a key issue with power costs up 12% in Virginia.

The merger transforms utilities from dull, regulated entities into strategic gatekeepers for AI infrastructure. For Dominion, it's a chance to revive its lagging stock and shed past troubles. For NextEra, it's a strategic rebalance, adding grid control to its renewable dominance. The combined pipeline holds 130 gigawatts of data-centre-related demand, serving tech giants fueling the AI build-out. The fight now moves to utility commissions, where the debate over who benefits—and who pays—for the AI boom will be fiercely waged.