Florida energy giant NextEra Energy announced in May that it plans to acquire Dominion Energy, the Richmond-based utility, in an all-stock deal worth about $67 billion. If approved, it would be the largest utility merger in U.S. history and create the world's biggest regulated electric utility by market capitalization. The deal is now working its way through review by Virginia's State Corporation Commission (SCC), where a political backlash is building — and spreading.
Virginia Governor Abigail Spanberger formally intervened in the SCC case in September, becoming the first governor ever to intervene in a utility merger review. In a Washington Post opinion piece, she wrote that she is "deeply skeptical" about selling the state's primary regulated utility to an out-of-state company, calling the deal's size and impact "unprecedented." As an intervenor, she can serve discovery on both companies, participate in the evidentiary hearing, and — if regulators approve — appeal to the state Supreme Court.
Republican state lawmakers are also uneasy, calling for a special session to give the SCC more time to consider the case. Maine's governor has weighed in too, warning that the merger would limit competition and raise energy-cost concerns — the pushback has now spread to New England, reviving a five-year-old grudge over a major transmission line that NextEra tried and failed to block.
Under political pressure, NextEra and Dominion unveiled an "enhanced" benefits package on September 14, calling it a "Virginia-first package." It promises 1,000 new jobs in Virginia (600 NextEra positions plus 400 from suppliers), doubles a $10 monthly residential bill credit from two years to four, creates a $100 million workforce development fund, launches a five-year Virginia supplier program worth up to $1 billion a year (up to $5 billion total), and expands the shareholder-funded EnergyShare low-income bill assistance program by $100 million through 2038. The companies also pledged to build a new headquarters tower next to Dominion's existing Richmond tower — at shareholder expense.
"This is the kind of customer-focused, job-creating package this combination makes possible," said NextEra President John Ketchum, arguing it would help Virginia build clean energy and infrastructure faster and reduce reliance on expensive imported power.
On October 2, Chief Hearing Examiner Mathias Roussey Jr. ruled that the SCC review may examine NextEra's political past, ordering the two utilities to hand over within four days a document known as the "Robo memo." The memo is said to detail an internal investigation into alleged illegal political activity by Florida Power & Light — NextEra's subsidiary — in Florida. James Robo, who led NextEra as CEO, retired in 2022.
The push came from Clean Virginia, an intervenor in the case, which argued that NextEra's alleged political ties and past attempts to take over other utilities deserve scrutiny. Executive Director Brennan Gilmore noted that NextEra agreed in June to pay a $150 million settlement to resolve a dispute over whether the company lied about its involvement in political interference schemes in Florida.
Dominion is Virginia's largest electricity utility, powering about 3.6 million homes and businesses across Virginia, North Carolina and South Carolina, and developing the largest offshore wind project in the United States. NextEra calls itself North America's largest electric power and energy infrastructure company; its Florida Power & Light subsidiary serves about 12 million people in Florida. Combined, the companies would have roughly 10 million customer accounts.
Electricity bills are the central worry. At an August 30 community forum in Chantilly, state Senator Stella Pekarsky urged residents to "bombard" commissioners and legislators to oppose the deal. Consumer groups warn the merger would create "one of the largest regulated mega-monopolies in the world," with no requirement that the combined company honor Virginia's Clean Economy Act renewable-energy commitments. Dominion customers have faced annual rate hikes for years, driven in part by surging electricity demand from the fast-growing data center industry.
The SCC has scheduled public hearings: October 7 in Newport News, October 9 at the Fairfax County Government Center, and November 5 at the SCC building in Richmond, plus phone-testimony sessions on November 5, 9 and 10. November 2 is the last day to register as a public witness; November 9 is the deadline for written comments. An evidentiary hearing involving case participants begins November 17 in Richmond. The companies filed their application on July 15, starting a 180-day review clock that requires an SCC decision by January 11, 2027. Meanwhile, the Federal Energy Regulatory Commission is running a parallel review of Dominion's interstate assets.