NextEra Energy and Dominion Energy updated their merger proposal to include enhanced benefits for Virginia. The new plan doubles residential bill credits from two years to four years. Credits previously intended for data centers will now go to residential customers. Shareholders will cover all costs associated with the merger.
The companies committed to creating 1,000 new direct jobs in Virginia. NextEra will add 600 positions. Suppliers are expected to add another 400 jobs. NextEra will build a new co-headquarters tower in Richmond using shareholder funds.
The proposal establishes a $100 million workforce development fund. The companies plan to accelerate solar and battery storage development in the state. Dominion Energy Virginia will maintain its current name and local leadership.
The Virginia State Corporation Commission is currently reviewing the enhanced package. The transaction remains subject to regulatory approvals. The companies expect the deal to close in the second half of 2027.