Dominion, NextEra double bill credits for Virginians in expanded merger package

RICHMOND, Va. — NextEra Energy and Dominion Energy announced an expanded Virginia benefits package Monday as part of its proposed merger, doubling residential bill credits and promising 1,000 new jobs in the Commonwealth.

The announcement came in direct response to feedback from policymakers and other stakeholders.

The package would double residential bill credits from $10 per month for two years to $10 per month for four years. The companies said they would seek to redirect the portion of credits that would otherwise go to large-scale data centers toward additional relief for residential customers.

The companies also pledged to expand EnergyShare, Dominion Energy's shareholder-funded energy bill assistance program, by $100 million through 2038 and reaffirmed their commitment to hold customers harmless from all merger costs.

"Customers will not pay one cent for this combination," the companies said.

NextEra Energy Chairman, President and CEO John Ketchum said the package puts customers first.

"We are proposing to double residential bill relief from two years to four years, along with expanded low-income financial assistance and long-term affordability benefits. We are also reaffirming our support for the State Corporation Commission, Governor and General Assembly's efforts to protect residential and small business customers from costs associated with serving data centers. Just as important, this package would help Virginia build more of the clean energy and infrastructure it needs faster, so the Commonwealth can reduce its reliance on expensive imported power. And it would do that while positioning Virginia as a major energy leader, bringing NextEra Energy jobs, good-paying supplier jobs, workforce investment, economic development and national-scale energy technology and innovation to Virginia. This is the kind of customer-focused, job-creating package this combination makes possible," Ketchum said.

Dominion Energy Chair, President and CEO Robert Blue said the combined company would remain locally accountable.

"Dominion Energy Virginia will remain locally led, separately regulated and accountable to the State Corporation Commission. The same local teams, led by Ed Baine, that customers know and trust will continue serving the Commonwealth. This package builds on that foundation by adding NextEra Energy's scale, capital and capabilities to help support Virginia's growth while keeping customers, reliability and affordability at the center of everything we do. It brings new jobs, maintains our existing Virginia employee headcount levels for five years and positions the Commonwealth to become a global energy leader. The benefits to our customers and the Commonwealth from this combination are things we cannot deliver on our own," Blue said.

NextEra Energy and Dominion Energy reaffirmed their support for efforts by the SCC, the General Assembly and the Governor to protect residential and small business customers from costs associated with serving data centers. The companies said that principle is consistent with Virginia's recently passed legislation reinforcing that data centers should pay their fair share.

The expanded package would bring 1,000 new direct jobs to Virginia — 600 new NextEra Energy positions in Virginia and 400 additional jobs through suppliers. The companies said they would maintain current Virginia employee headcount levels for five years.

NextEra Energy also committed to building a new shareholder-funded office tower in Richmond beside the existing Dominion Energy headquarters building, to serve as a co-headquarters for the combined company. The companies say the new Richmond presence would support work in renewable energy development and supply chain management, battery storage operations, nuclear and small modular reactor innovation, enterprise technology and cybersecurity, among others.

The companies said they would host an annual global energy summit in Virginia, bringing chief executives, investors and policymakers together to focus on innovation, technology and energy infrastructure.

"Virginia already leads in technology and defense. With this combination, Virginia can also lead in energy," Ketchum said.

The companies committed $100 million to a workforce development fund for Virginia, including support for career development, hands-on training and apprenticeships in partnership with union partners.

The companies also announced up to a $1 billion annual, five-year Virginia Supplier Program to support cost-competitive contractors, suppliers and service providers doing business in Virginia. The companies said more than nine other companies said they intend to establish or expand their presence in Virginia if the combination is approved.

The expanded package reaffirmed existing commitments to maintain dual headquarters in Richmond and Juno Beach, Florida. Dominion Energy Virginia would retain its name, and Ed Baine would continue to lead the company. Dominion Energy Virginia's president would remain a Virginia resident, and NextEra Energy's CEO would maintain a Virginia residence.

"This combination is about building something greater together for Virginia: stronger customer benefits, more jobs, more clean energy, more local investment and a utility that remains focused on the customers and communities it serves," Blue said.

The proposed combination remains subject to required regulatory approvals. The companies said they continue to expect the transaction to close in the second half of 2027. The SCC is still expected to make its decision in January, despite calls from dozens of legislators urging the governor to call a special session to extend the 180-day review window to 360 days.

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