RICHMOND, Va. — Three months after NextEra Energy announced a proposed $67 billion takeover of Dominion Energy, the deal is under deep regulatory review that has drawn scrutiny from the governor, state lawmakers, experts, and hundreds of residents across Virginia.
There's been many recent developments in the case, so here is an update on how we got here, and what's next.
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On May 18, NextEra and Dominion Energy announced a deal to merge, proposing what could create the world's largest regulated utility. The companies told Virginians they would receive $10 off their monthly bill for two years if the deal goes through, along with $55 billion in capital investments over five years and an 18-month job protection for Dominion employees.
The 180-day State Corporation Commission review period began July 15, when Dominion and NextEra filed their joint application.
Shortly after, a potential conflict of interest emerged. Kelsey Bagot, the person leading the review, is a former senior attorney for NextEra.
Dominion customer Laura Arnett said the situation raises serious concerns.
"I think that's a direct conflict of interest. Like it's that's very obvious. I mean, like if you left NextEra, which was this huge energy corporation, to go be the head of some other energy corporations, such as like the SCC, and now you're overseeing a merger of these two companies. I mean, come on, that's a direct conflict of interest." Arnett said.
Bagot defended her position as SCC Chair, saying she will not recuse herself. Gov. Abigail Spanberger backed that decision after formally intervening in the merger proceeding.
"There's been multiple other efforts by NextEra to make large-scale acquisitions similar to the Dominion one, and you know, this would be their fifth attempt, and those four prior cases have all failed, and so I am, like, that that is why I took the step of like the legal intervention, because I'm really skeptical of why this case would be different, and why this case would benefit Virginia," Spanberger said.
Watch: Virginia governor 'skeptical' of NextEra-Dominion Energy merger,
The urgency of the SCC's role was underscored when four experts told the Energy Commission of Virginia that the state's window to protect ratepayers closes the moment the merger is approved. They called for raising the legal standard for approval, extending the review timeline, and requiring every merger promise to be stated as a number that can be audited after the fact.
Many ratepayers say they agree. One resident who spoke at a protest put it plainly.
"The reason NextEra is coming here is because Virginia's laws are weak. We are weak and we are a target for them," the ratepayer said.
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Dominion customer Patrick Oxenham echoed those concerns.
"The system already struggles to protects Virginians from the power these utilities possess. Making a monopoly bigger will not fix it. Virginia does not belong to Dominion. Virginia does not belong to NextEra. Virginia belongs to Virginians," Oxenham said.
Hundreds of public comments have been submitted to the SCC, with the vast majority in opposition.
Residents who want a voice in the process can submit comments or sign up to testify at a public hearing here.
The SCC will determine whether the merger moves forward, and on what terms, in January.
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