NextEra Energy has agreed to acquire Dominion Energy in a roughly $67 billion transaction that would reshape the U.S. utility sector. The deal combines two of the nation's largest utilities into an East Coast powerhouse spanning Florida, the Carolinas and Virginia.

The acquisition will proceed through a mostly stock arrangement, with NextEra offering Dominion shareholders the equivalent of around $76 per share based on recent closing prices. Additionally, Dominion investors will receive a one-time cash payment of $360 million upon closing.

This consolidation arrives amid surging electricity demand across the utility industry, driven largely by artificial intelligence and data center expansion. Access to reliable power has become a critical bottleneck in the race to build new data facilities.

Regulatory approval from multiple state and federal agencies will determine whether the transaction closes, potentially creating one of the largest utility mergers in recent memory.