As of May 18, 2026, NextEra Energy and Dominion Energy announced a merger, creating the world’s largest regulated electric utility by market capitalization. [1] In a $67 billion deal, NextEra acquired Dominion Energy, a merger that required both federal and state approvals from Virginia, North Carolina, and South Carolina. Residential electricity rates have risen 7.4% in February 2026 compared to the year before, with a 12.2% spike in Virginia. [2] In a press release, NextEra’s CEO John Ketchum stated that the larger scale and efficiencies gained from merging would translate into more “affordable electricity for [their] customers in the long run,” proposing to provide Dominion Energy customers in Virginia, North Carolina and South Carolina with $2.25 billion in bill credits over two years. The combined company will be more than 80% regulated and serve roughly 10 million utility customers across Florida, Virginia, North Carolina, and South Carolina.
[2] https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a&