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Virginia Governor Spanberger to Intervene in $67 Billion NextEra-Dominion Energy Merger

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Virginia Governor Abigail Spanberger intends to intervene in Florida-based NextEra Energy's (NEE) proposed $67 billion acquisition of Virginia-based utility company Dominion Energy (D) amid the regulatory review by the State Corporation Commission.

In an op-ed piece published by the Washington Post on Thursday, Spanberger said she would take the legal step of intervening in the proposed merger, which would involve formally requesting to become a party to the case in official capacity.

"As a Virginian, I am deeply skeptical about whether selling our primary, state-regulated utility to an out-of-state company is good for the commonwealth. I have serious questions about what this deal would mean for us. And as governor, I intend to get answers and be a voice for Virginians in the process," Spanberger wrote.

Spanberger said her involvement in the SCC review will primarily prioritize affordable energy costs for families and small businesses, protecting utility workers, and speeding up the development of affordable, reliable, local, and clean energy.

"By formally intervening in the SCC case, my administration can build on the progress we have already made. To be clear: Taking this action does not mean I intend to make the SCC's decision for it. Instead, I am seeking to make sure Virginians have a voice in the process," the Governor wrote.

In May this year, the two companies said they have agreed to combine in an all-stock deal that would create the world's largest regulated electric utility by market capitalization and one of North America's largest energy infrastructure companies.

The combined company would serve about 10 million customer accounts, with over 80% of operations expected to be regulated, they said in a statement issued then.

The merger remains subject to approval by federal and state regulators, as well as shareholders of both companies. The companies expect the transaction to close in H2 2027.

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