NextEra Energy is negotiating an all-stock acquisition of Dominion Energy that would create a utility behemoth built around supplying power for AI data centers. Under terms discussed with roughly 0.8 NextEra shares per Dominion share, NextEra shareholders would own about 75 percent of the combined company. The $194 billion transaction reflects surging electricity demand expected to climb more than 20 percent nationwide by 2035.

NextEra shares have risen 15 percent this year as CEO John Ketchum calls this "America's golden age of power demand." The company already struck deals with Google in Iowa and Meta in New Mexico to feed data center expansion. Combining with Dominion would give NextEra access to Virginia's Data Center Alley, the world's largest cluster, and the Mid-Atlantic market serving 67 million customers.

The deal faces regulatory hurdles, including approval from Virginia's government, where Governor Abigail Spanberger has pledged to lower energy bills. Critics warn the merger could drive rates higher and concentrate power market influence in a single firm. Regulators must weigh efficiency gains against the risk of giving one company outsized control over a critical infrastructure sector.