NextEra Energy announced a transformative all-stock deal to acquire Dominion Energy, creating a $420 billion utility behemoth poised to capitalize on surging electricity demand from AI data centers. The transaction values Dominion at approximately $67 billion in equity, representing a 23% premium to Friday's closing price.

The merger combines NextEra's Florida Power & Light operations with Dominion's strong presence in Virginia's "data centre alley," positioning the combined entity to serve major technology companies racing to build AI infrastructure. Dominion shareholders will receive 0.8 shares of NextEra for each share owned, giving NextEra investors 74.5% control of the combined company. The deal will control 110 gigawatts of power generation across natural gas, nuclear, wind and solar.

Regulatory approval presents the primary hurdle, requiring sign-off from both federal antitrust regulators and state energy authorities across multiple jurisdictions. NextEra expects the deal to close within 12-18 months, with a $4.8 billion break fee payable if regulators block the transaction. Pre-market trading showed Dominion shares up 14% while NextEra dipped 1%, reflecting investor concerns about the lengthy approval process.