Dominion Energy announced it had agreed to combine with Florida-based NextEra Energy.
The new company, which would maintain a headquarters in Richmond, would be "the world's largest regulated electric utility business," according to a joint press release the companies shared Monday.
"This is a historic moment for our two companies and for the states we are privileged to serve," NextEra Energy CEO John Ketchum said in a statement. "Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever— not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run."
Ketchum, who would be the CEO of the newly-combined company, said the Dominion Energy name isn't changing.
Current Dominion Energy CEO Robert Blue would stay with the combined company as president and CEO of regulated utilities and serve as a member of the board of directors.
"This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need," Blue said in a statement. "This combination is built around our customers. The bill credits we are committing to, the continued investments in generation, reliability and storm resiliency and our commitments to retain our team and dual headquarters in Juno Beach and Richmond, as well as Dominion Energy South Carolina's existing operational headquarters in Cayce, reflect the values that have always defined Dominion Energy."
The combination could take 12 to 18 months to close if it's approved by company shareholders, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Virginia State Corporation Commission, the North Carolina Utilities Commission and the Public Service Commission of South Carolina.
