NextEra Energy will buy Dominion Energy in an all-stock deal that unites two major players in the race to meet rising electricity demand from data centers powering artificial intelligence applications, News.Az reports, citing CNBC.
The transaction will create the largest regulated electric utility in the world, the companies said on Monday.
Under the agreement, NextEra shareholders will own 74.5% of the combined company, while Dominion investors will hold the remaining 25.5%.
The merged entity will operate under the NextEra name and continue trading on the New York Stock Exchange under its existing ticker symbol.
“Electricity demand is rising faster than it has in decades,” NextEra CEO John Ketchum said in a statement. “We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever.”
Dominion Energy is the utility responsible for powering the world’s largest data center market in Northern Virginia and has a market capitalization of more than $50 billion.
NextEra Energy is the largest renewable energy developer in the United States and the biggest utility in the S&P 500, with a market value exceeding $190 billion.
Although a major renewable energy developer, NextEra has increased its investment in natural gas during the second Trump administration.
The company is also expanding its role in nuclear energy development in the United States. Last year, NextEra announced a deal with Google to restart the shut-down Duane Arnold nuclear plant in Iowa.
The combined company is expected to become the global leader in renewable energy and battery storage, the U.S. leader in natural gas generation, and second globally in nuclear power capacity.
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