NextEra Energy (NEE) will acquire Dominion Energy (D) in a $66.8 billion all-stock transaction, marking the largest power-sector tie-up on record and creating the largest electric utility in the country.
Dominion stock jumped roughly 15% in premarket trading, while NextEra stock fell roughly 1.5% before the bell as investors digested the news of a deal the companies said will create the “world’s largest regulated electric utility business.” The deal will see NextEra exchange roughly eight-tenths of a share of its stock for each outstanding Dominion share, according to a press release from NextEra, with NextEra shareholders set to own roughly 75% of the combined entity and receive an additional $360 million in cash
A tie-up between NextEra, which operates the country’s largest utility service by market value and a significant power generation business, and mid-Atlantic utility service Dominion would create a sprawling power company with both massive utility zones and significant generation technology to fuel them. While NextEra’s utility business, Florida Power & Light, covers customers throughout roughly half of Florida, Dominion’s mid-Atlantic and southeast footprint includes northern Virginia’s Loudon County, home to the largest concentration of data centers in the world. The combined entity would serve roughly 10 million utility customers across Florida, Virginia, North Carolina, and South Carolina, and own 110 gigawatts of power generation across a spread of energy sources, NextEra said.
The move by NextEra would almost certainly mark the largest M&A deal on record in the power sector — and it would be the second-largest transaction in 2026, following SpaceX’s (SPAX.PVT) $250 billion tie-up with xAI in what is set to be a banner year for dealmaking. The deal would likely dwarf Constellation Energy’s (CEG) $26.6 billion acquisition of Calpine in 2025 and Duke Energy’s (DUK) 2012 acquisition of Progress Energy for $32 billion, which at the time created the…