NextEra Energy has agreed to acquire Dominion Energy in a landmark $67 billion all-stock transaction, announced on May 18, 2026.

The deal aims to forge the world's largest utility to meet skyrocketing electricity demand from artificial intelligence data centers.

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The acquisition values Dominion at a 23% premium over its $54.3 billion market capitalization as of May 15.

Following the announcement, NextEra shares fell nearly 5%, while Dominion stock rose 9%, reflecting investor concerns about potential overpayment amid an AI-driven utility boom.

Merger Creates Energy Giant

The combined entity will become the third-largest energy company in the United States by enterprise value at $420 billion, trailing only Exxon Mobil and Chevron.

It merges NextEra's Florida Power & Light utility and infrastructure across 44 states with Dominion's regulated network in Virginia and the Carolinas.

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The two firms together have a construction backlog of 130 gigawatts, exceeding their current power generation capacity.

NextEra Chairman and CEO John Ketchum said this backlog could power approximately 100 million American households.

"Our country is at an inflection point. The demand for electricity is increasing unlike anything we’ve seen in generations," Ketchum stated.

Ketchum previously outlined plans to position the company as a national leader in developing infrastructure hubs for AI factories and data centers.

He emphasized that achieving operational scale is essential to maintain affordability and prevent public backlash over rising energy costs.

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"Today, energy infrastructure projects are larger and more complex than ever before. Practically every corner of America needs power solutions, not someday, but right now," he added.

Global Leadership in Renewables and Storage

The merger positions the combined organization as the global leader in renewable energy development and battery storage. It also ranks as the top U.

S. producer of total power and gas-fired generation, while securing the second-largest position nationally in nuclear power capacity.

The deal underscores the accelerating consolidation in the energy sector as utilities scramble to meet the voracious power needs of AI data centers.

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Analysts expect further mergers as companies seek scale and financial muscle to fund massive infrastructure projects.